Desperation Tactics At The Auction Houses

The big art houses must feel as if God himself is against them: a down economy, a nasty little war, and an uncertain national mood are combining to create one of the most dismal auction seasons in years. “When times are tough, however, distress sales are often what bolster the market. It is no wonder, then, that paintings, drawings and sculptures are being sold this year by troubled companies like Vivendi, Enron and Idemitsu Kosan, Japan’s second-largest oil refiner.” Still, catalogs are distinctly thin this spring, and everything in the art world seems to be on hold.