Fast sales and decent prices at London and Paris' contemporary art fairs show the market for the visual arts is recovering but the demand is still slow. The fairs held consecutively over four days at Europe's top art capitals show that the market is still alive.
The Frieze and FIAC fairs pulled together hundreds of contemporary galleries have a few impressive sales. But experts still warn that volumes and values are still down with a renewed confidence.
The past months have been traumatic for the art world with sales slowing and interest seeming to evaporate.
Collectors have been hurting. With the recent economic crisis billionaires and banks have been disappearing along with museum funding and corporate demand.
Negotiating prices has become easier since the downturn from 2008 while mid-2000s had a boom that sent prices soaring 85 percent.
Contemporary art is defined as work by artists born after World War II.
Written by Seamus Esparza
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