Yesterday, another New York art auction went poorly, with a Christie’s sale bringing in $146.7 million against a “low” estimate of $240.7 million. “Of the 82 works for sale, 36, or more than 40 percent, of the auction went unsold,” the Times reports. The sale, the third poor performance of the week, bodes poorly for New York City’s high-end real-estate market.
Why? Just consider what the Times magazine had to say about a new apartment building in Brooklyn in an article that ran a year and a half ago.
[Developer Mario] Procida is marketing it like a little outpost of Manhattan, importing a voguish sales tool from across the river: the idea of packaging apartments as inhabitable art. … The working theory is that in an uncertain economy, at a moment when the real estate market seems to be cooling, it’s smartest to bet on those who worry about money the least, building for the rich and their high-end tastes.
You may also like
"...the Empire Center is the think tank that spent months trying to pry Covid data out of Mr. Cuomo's government, which offered a series of unbelievable excuses for its refusal to disclose...five months after it (the Empire Center) sued, Team Cuomo finally started coughing up some of the records." -Wall Street Journal, February 19, 2021
SIGN UP TO READ ABOUT THE ISSUES IMPACTING NEW YORKERS.
Enjoying our work? Sign up for email alerts on our latest news and research. Together, we can make New York a better place to live and work!