Christie's kicked off the much-anticipated New York Spring art season Tuesday, yielding a record price for a work by impressionist master Claude Monet.
There were some expectations that sales would be weak, due to recent market troubles, but Ian Peck, CEO of Art Capital Markets, says only part of the art market was affected.
“The art market is very driven by psychology, and the psychology is that there’s a bit of caution and hesitation in the market, and that affects mostly the middle market.”
The middle market, according to Peck, is art that falls in the $100,000 to $300,000 range.
“Great quality things are bringing great prices still," added Peck.
Six new world price records were established at the auction, including a Monet painting that sold for $41.5 million.