Tuesday, June 4, 2013

London's forthcoming summer sales show there are fewer valuable works coming to auction, with salerooms looking to wealthy families like the Nahmads to boost supply

London's forthcoming summer sales show there are fewer valuable works coming to auction, with salerooms looking to wealthy families like the Nahmads to boost supply
Sotheby’s and Christie’s have both gone for their top lots to the Nahmad family of art dealers. The Nahmads, who are of Syrian origin and reportedly worth more than £3 billion, have an estimated 3,000 Impressionist and Modern works either in their galleries in London or New York or in the Freeport storage facility in Geneva. Most were bought at auction at competitive prices, and have been sitting there for decades quietly accumulating value and waiting for the right moment to sell...more