Danaïde (1913), Constantin Brâncuși. Courtesy Christie’s.
Megan Fox Kelly spoke with journalist Anna Brady at Apollo during New York auction week.
‘The headline take-away is that the very top of the market is unquestionably alive,’ says the art advisor Megan Fox Kelly. ‘It was psychologically important, because it reintroduced a level of confidence that the market has been lacking in the last 18 months […] We’re seeing the great wealth transfer happening in real time. The question was would the market absorb it? The answer appears to be a resounding yes.’
Many are hopeful that this is the start of an upturn after three or four years in the doldrums. ‘I would resist naming this as a broader based bull run, at least not yet,’ Fox Kelly says. ‘What we’re seeing is a really bifurcated market: extraordinary strength for masterpieces and continued selectivity and price sensitivity for everything else.’ For Fox Kelly, ‘the question is whether or not that confidence at the top that we’ve just seen starts to filter downward.’
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