""What a week. I was not expecting to see such continued strength," says Morgan Long, a London-based art adviser. "The old adage of 'flight to quality' held true, and people were taking advantage of the great things for sale that week and slightly pushing aside current events.""
"After a two-year slump, the ultrarich seem to have become more confident about selling their valuable art. "There is a greater volume back in the sales, especially visible in London, which had been somewhat marginalised. There are a greater number of genuinely high-calibre lots at attractive estimates.""
Despite escalating conflicts in the Middle East, the international art trade has shown remarkable resilience. In March, Sotheby's and Christie's achieved record sales of £131m and £197m, respectively, reflecting increases of 110% and 52% compared to the previous year. The strong performance was attributed to a 'flight to quality' among buyers, who focused on high-value art despite global turmoil. The resurgence of confidence among ultra-wealthy collectors indicates a potential shift in the high-end art market, with more high-caliber lots being offered.
Read at The Art Newspaper - International art news and events
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