In recent Sotheby’s art sales, Pablo Picasso’s 1940 painting Téte d’Homme sold for $5.2 million. Minos, a 1929 painting by Francis Picabia, began at $2.6 million before a bidding war pushed its final sale price to $4.7 million. And Show Me the Monet, a 2005 painting by the living artist Banksy, was pursued by five bidders. The final sale price was $9.8 million — the second-highest price ever paid for a Banksy painting. In the meantime, Sotheby’s says it will sell Grande Femme I, a nine-foot-tall Giacometti sculpture for at least $90 million. Qualified participants can submit sealed bids for the sixty-year-old-sculpture, but those bids must be at or above the $90 million minimum.
The June 1990 issue of The Elliott Wave Theorist said that as stock markets rise, art prices soon follow. The reason is that art prices are influenced by social mood and regulated by the Wave Principle, according to the June 2004 issue of The Elliott Wave Financial Forecast.
Social mood influences not only prices of art but also popular art styles and the careers of famous artists. For a striking example, read “How Picasso Profited from Social Mood“.
If you look closely, you can see patterns in social mood that help you predict social trends. Learn more with the Socionomics Premier Membership.