Art market hopeful despite recession
However, despite the slump, the ASI maintains that, judging from 1,800 sales held by 320 auctioneers in 24 countries, the recession in the art market is not quite as bad as everyone thinks.
It points out that pictures worth pounds 91.1m sold at prices above pounds 1m, representing some 14 per cent of the market's total turnover.
Richard Hislop of ASI said: 'The 1991-92 season, therefore, could not be described as a complete disaster.
'Overall figures are down from two seasons ago - 75 per cent in terms of value and 33 per cent in terms of numbers.
'But there must be clever collectors out and about who are keeping a close eye on auction catalogues and are content with obtaining lesser works at more than lesser prices,' he said.
The Art Sales Index summary notes that several artists, among them Richard Dadd and Diego Rivera, topped pounds 1m for the first time.
Of some 3,000 artists who made their auction debut during the past season, 350 fetched more than pounds 10,000.
Mr Hislop said: 'The fact that fresh names appear is indicative that there is good money available for good works and that sellers are not afraid to venture into the market.'
- 1 Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how the internet reacted
- 3 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 4 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Scotland could still declare independence – even without referendum, says Alex Salmond
Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Britain First picture: Photographer 'horrified' after first Afghan policewoman killed by Taliban used for 'ban the burka' campaign
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
£110 - £130 per day: Randstad Education Reading: Science Teachers needed for s...
£110 - £130 per day: Randstad Education Reading: QTS Maths Teachers needed for...
£110 - £130 per day: Randstad Education Reading: English Teachers with QTS nee...
£50 - £60 per day: Randstad Education Nottingham: We are currently looking to ...