Wednesday, May 11, 2011

The Greek Sale of Sotheby’s Hit by the Economic Crisis

In recent years, Sotheby’s house was accustomed to enjoying the
gains offered by Greek Sales. 

However, on Monday, with the closure of the first Greek Sale for 2011, the gains of the day were slightly disappointing.

Sources say that many people in the UK  had thought that  Greek ship owners who live in London would fall over themselves to participate in the tender offers bidding on auctions that were considered to be a safe investment.

Unfortunately, the «limit-up» of the past are a distant dream. The largest amount was given for a work of Giannis Moralis from the series ‘Erotiko’ but it did not exceed the evaluation ranging from 200.000 to 300.000 pounds.

The times when the works of Volanakis and Gizis were sold for more than 200% of their value have apparently passed and nobody knows if they will ever return.