At an auction in Auckland last week Peter Stichbury's painting Lily Donaldson went under the hammer for a record price of $45,625 (including buyer's premium), against a reserve of $28,000. However, the prices for works by other 'blue-chip' artists varied – some held their ground while others dipped. Clearly it's too soon to be looking for a significant art market rally, which is just fine with many in the art world. We remain on the side of those who believe a recession-driven correction will be good for the art market in the long term.
Image: Peter Stichbury, Lily Donaldson, 2007, acrylic on linen