By Chuck Thompson | From the November 2015 Socionomist
Elliott Wave International has long observed that art auction prices wax and wane with social mood. In the US, positive mood is still driving these prices up, as evidenced by auction results from earlier this month.
The highest price ever paid for an artwork at auction was recorded at Christie’s in May 2015, when “Women of Algiers (Version O)” sold for $179.4 million.34 On November 9, Amedeo Modigliani’s painting, “Nu Couché,” drew the second highest price ever, $170.4 million. At the same auction, a Roy Lichtenstein painting, “Nurse,” sold for $95.4 million, substantially more than its $80 million estimate.
On November 11, Cy Twombly’s “blackboard” painting sold for $70.5 million—a new high for the artist. And Andy Warhol’s silk-screen painting, “Mao,” brought $47.5 million, higher than its $40 million guaranteed price. Alexander Rotter, co-director of Sotheby’s New York contemporary art department, said the auction results proved that “there is a healthy art market, if you don’t push prices.”
Fine art and collectibles rarely generate much interest once negative mood waxes. If you own a work of fine art, you might want to consider putting it on the market before it’s too late.
Want more content like this?
The Socionomist is the only monthly publication that offers you practical insights on the relationship between social mood, financial markets and cultural trends. Each issue warns you about big societal changes before they can harm you and reveals breakthrough opportunities emerging from trends in society. Become a socionomics member today and get instant access to The Socionomist.
(Socionomics Members: Log in for the full article and your complete, exclusive archive.)