Christie's, Sotheby's Optimistic Despite Market Uncertainty

LONDON—Christie's and Sotheby's say they're confident that financial uncertainty will not derail their largest European sales ever in February, despite volatility in the stock market and early signs that wealthy buyers are losing confidence in the art market, Reuters reports. Both houses are offering art worth more than ever before in their Impressionist/Modern and Post-War/Contemporary auctions in London next month.

"It's naive to say that volatility in the stock markets is bad news for the art market," said Simon Shaw, senior director of Impressionist and modern art at Sotheby's, adding that earlier equities falls did not always lead to lower art prices.

Sotheby's offerings for the London sales carry an estimate of more than £240 million ($477 million), up from £186 million a year ago, while Christie's grand total is estimated at £203 million to £288 million, a record exceeding its £148 million to £207 million estimate last year.