New York, 11 August 2011, Art Media Agency (AMA).

Although the turmoil reigning in the financial markets does not affect art directly, auction houses listed on the stock exchange will not escape the consequences of the financial crisis.

Artprice, which has shown very positive growth since the beginning of the year, saw their stock drop by fifteen per cent in one week. Nevertheless, the results since 1 January remain good, as the share price has increased by 150%.

Sotheby’s, one of the rare auction houses to be quoted on the stock exchange, saw their share price drop by 30% since 1 January and 20% in the past week.

Amid these gloomy results, art professionals will be sure to keep an eye on the possible introduction of a third auction house on the stock exchange. Since July, online speculation has been rife that Poly International Auctions could be introduced onto the market.