New York
ART dealer and collector Niels Kantor paid US$100,000 two years ago for an abstract canvas by Hugh Scott- Douglas with the idea of quickly reselling it for a tidy profit. Instead, he is returning the 28-year-old artist's work to the market this week at an 80 per cent discount.
Such is the new art season. At auction houses in London and New York, sellers are preparing to bail on their investments after the emerging-art bubble burst and the resale market for once sought-after artists dried up.
"I'd rather take a loss," said Mr Kantor, who is offering the Scott-Douglas work at the Phillips auction in New York on Sept 20. "I feel like it can go to zero. It's like a stock that crashed."
Prices...
Keyword added to your list