While the economy is battered and beaten, and real estate values are in the midst of a worldwide correction, it seems that collectors of fine art, are resetting market barriers themselves.   It is clear that SCARCITY is the common denominator between all things of value, and the recent Sotheby’s Impressionist and Modern Art sale in London, certainly demonstrates this.

In a historic sale at Sotheby’s, Alberto Giacometti’s L’homme qui marche I (Walking Man I) set a world record for a work of art at auction when it sold for $104,327,006 . The sale of that work was swiftly followed by that of Gustav Klimt’s Kirche in Cassone, which made  $43,208,606 – a new record price for a landscape by the artist. These two works headlined a sale that realised a record-breaking total of $235,659,502  – making it the highest value sale ever staged in London.

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