Art
Stock Market Rally Helps the Art Market Bounce Back
- Sotheby’s leads week of London Impressionist, modern auctions
- Before NYC fair even opened, one purchaser spent $3 million
The international art market jolted into high gear this week on both sides of the Atlantic.
In New York, collectors including CNN anchor Anderson Cooper, tennis great John McEnroe and Blackstone Group LP Vice Chairman Tom Hill flocked to fairs during the city’s annual contemporary-art frenzy known as Armory Week. In London, Impressionist and modern art auctions bounced back from last year’s doldrums as the U.S. stock market rose to fresh records and non-British buyers benefited from the pound’s post-Brexit decline.