Instability of the markets, especially after recent elections in Greece, may have been the reason why 50% of the Greek artworks auctioned at the London-based Bonhams Auction House were not sold, according to its officials.
Greek Sales had 103 Greek paintings for sale, but only 48 were sold, amounting to 1.5 million euros in total. In contrast to older auctions, no Greek artist broke any records this time.
Art Expert Terpsichore Angelopoulou of Greek Sales commented that they expected even worse results. “Discussions about Greece’s exit from the Eurozone and the general negative climate in Europe brought these significantly decreased sales. It was the worst week for the Art Market,” continued Angelopoulou.
Only a few art collectors travelled from Greece to attend the Greek Sales. Most of them were Greeks living abroad. Two of them left the auction house with paintings. One of them bought the painting of Theofilos Hadjimichael titled “Ulysses and Iphigenia in Avlida” for 166,562 euros, while the other bought Nicholas Gyzis’ “The Dance of the Muses” for 151,562 euros.