Auction houses put faith in $1.8bn art sales

Auction houses Sotheby’s and Christie’s are confident of selling up to $1.8bn of Impressionist, postwar and contemporary artworks during the New York season beginning on Monday– 25 per cent more than last year – in spite of signs of nervousness among collectors.

The biggest auction sales of the year will be a crucial test of the resilience of the five-year boom in the art market in the face of the turmoil in financial markets, which is seeing investors more inclined to borrow against the value of their paintings.