

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

At mid-year, NY still far below most states in pandemic jobs recovery

New York’s pricey hospitals draw pushback from labor

At end of ’22, NY still near bottom in pandemic recovery

On College Readiness, Comptroller Asks Wrong Question, Delivers Flawed Answer

A Look at Covid Learning Loss in NYC

Judge, Jury and … CFO?

NY’s jobs recovery now strongest downstate

In Albany This Week, First Do No Harm
New York’s pricey hospitals draw pushback from labor
- February 22, 2023
At end of ’22, NY still near bottom in pandemic recovery
- January 24, 2023
A Look at Covid Learning Loss in NYC
- September 29, 2022
Judge, Jury and … CFO?
- August 4, 2022
NY’s jobs recovery now strongest downstate
- July 21, 2022
In Albany This Week, First Do No Harm
- June 1, 2022