{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Preview for Sotheby\u0026#39;s autumn auction, look at impact global crisis' data-url='/boclips/videos/5c54bd37d8eafeecae132795' data-video-url='/boclips/videos/5c54bd37d8eafeecae132795' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPreview for Sotheby\u0026#39;s autumn auction, look at impact global crisis\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Exterior of Sotheby's auction house 2. Pull out of painting by Kazimir Malevich, entitled \"Suprematist Composition\" 3. Painting by Edgar Degas, entitled \"Danseuse au repos\"4. Close of painting5. SOUNDBITE: (English) Simon Shaw, Head...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Exterior of Sotheby's auction house \u003cbr/\u003e2. Pull out of painting by Kazimir Malevich, entitled \"Suprematist Composition\" \u003cbr/\u003e3. Painting by Edgar Degas, entitled \"Danseuse au repos\"\u003cbr/\u003e4. Close of painting\u003cbr/\u003e5. SOUNDBITE: (English) Simon Shaw, Head of Impressionist and Modern Art at Sotheby's: \u003cbr/\u003e\"These are the art market's blue chips, the way that the history of modernism has been written, based particularly around what happened in Paris in the latter part of the 19th century and the first half of the 20th century. These are the tried and tested names, the great masters of modernism.\"\u003cbr/\u003e6. Various of Edvard Munch painting, entitled \"Vampire\" \u003cbr/\u003e9. Pan from crowd to Yves Klein's Relief Eponge series, \"Archisponge (RE 11)\"\u003cbr/\u003e10. Tilt up \"Archisponge\"\u003cbr/\u003e13. Mid shot Roy Lichtenstein painting, entitled \"Half Face with Collar\"\u003cbr/\u003e14. Tilt up Lichtenstein painting\u003cbr/\u003e15. SOUNDBITE (English) Robert Frank, Wealth Reporter for Wall Street Journal: \u003cbr/\u003e\"Everyone expected the middle market, i.e. not great paintings or paintings by lesser known artists. They expected that market to weaken and in fact it's weakening. The big question is how much the blockbuster paintings, the superstar Picassos, whether there is still demand from the remaining (b) billionaires out there in the world to buy those works. If there isn't then there is a huge worry that we'll see an even more severe correction than we saw in 1990. So the big question is what happens to the top of the market. If that goes, all bets are off.\"\u003cbr/\u003e16. Pan from Camille Pissaro painting entitled \"Ferme a Montfoucault, Neige\" to Claude Monet painting, entitled \"La Cathedrale dans le brouillard\"                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       \u003cbr/\u003e17. Pull out Philip Guston painting, entitled \"Beggar's Joys\"\u003cbr/\u003e18. SOUNDBITE: (English) Simon Shaw, Head of Impressionist and Modern Art at Sotheby's: \u003cbr/\u003e\"In the past two or three years we have seen enormous appreciation in the value of works, enormous amounts of demand from collectors. So perhaps in the uncertain times that we live, certain collectors are feeling that there may well be opportunities here. I think as far as we're concerned the very best of the best, experience has shown, tends to find a new home.\"  \u003cbr/\u003e19. Painting by Joseph Mallord William Turner, entitled \"The Temple of Jupiter Panellenius\"\u003cbr/\u003eDespite the world financial crisis, autumn art sales are in full swing, with auction houses continuing to remain optimistic about the prospects for big ticket items. \u003cbr/\u003eSotheby's auction house in New York is preparing for their Impressionist, Modern, and Contemporary Art Sale, to be held the beginning of November. \u003cbr/\u003eLeading the impressionist and modern art lots is a painting done in 1916 by Russian artist Kazimir Malevich.  \u003cbr/\u003eEntitled \"Suprematist Composition,\" it is an abstract work that is expected to bring in an excess of 60 (m) million US dollars. \u003cbr/\u003eAlso leading the sale is an Edgar Degas painting, \"Danseuse au repos,\" completed in 1879.   \u003cbr/\u003eIt is classic Degas, featuring a ballerina behind the scenes, something he painted often.  \u003cbr/\u003eIt is expected to fetch more than 40 (m) million US dollars at auction. \u003cbr/\u003eSimon Shaw, the Head of Impressionist and Modern Art at Sotheby's, said the big name pieces, like Degas, Malevich, and Munch, always do well at auction because they are the art market's blue chips.\u003cbr/\u003eSotheby's will also be hosting a Contemporary Art Sale the second week of November.  \u003cbr/\u003eLeading that auction is Yves Klein's, \"Archisponge,\" an extremely well preserved three-dimensional work involving sponges.  \u003cbr/\u003e\"Archisponge\" is estimated to reach up to 25 (m) million US dollars. \u003cbr/\u003eAnother highlight of the contemporary works being offered is a Roy Lichtenstein painting, \"Half Face with Collar,\" from 1963.  \u003cbr/\u003eKnown for his graphic, pop-art characteristics, Lichtenstein employed a painstaking process with this painting by magnifying and then transferring the image to canvas by hand.  \u003cbr/\u003eIt is estimated at 15-20 (m) million US dollars. \u003cbr/\u003eSome analysts have speculated however whether the global financial meltdown has ended the art-market boom that saw paintings and sculptures become must-have commodities for the world's elite.\u003cbr/\u003eRobert Frank, the \"wealth reporter\" for Wall Street Journal, said the upcoming sales will be a true test for the market.  \u003cbr/\u003eFrank said that if top lots and the big name art fails to sell, then \"all bets are off.\"\u003cbr/\u003eArt observers have been predicting a crash since the US sub-prime mortgage crisis began rippling around the world. \u003cbr/\u003eMany of the buyers driving the art world sales frenzy were hedge fund and private equity millionaires, among the first to suffer as the credit crunch took hold.\u003cbr/\u003eBut prices stayed high, thanks in part to Russian and Middle Eastern buyers who were insulated from the worst of the economic woes.\u003cbr/\u003eNow, however, the economic crisis has spread around the world, bringing stock market turmoil, failing banks, and plunging art prices, in its wake.\u003cbr/\u003eChristie's post-war and contemporary sale on Sunday in London raised just under 55.5 (m) million US dollars, against a pre-sale estimate of 100 (m) million to 132 (m) million. \u003cbr/\u003eTwenty-one of the 47 lots failed to sell.\u003cbr/\u003eSotheby's contemporary sale on Friday in London raised a total of 38 (m) million, below the presale estimate of 54 (m) million to 75 (m) million.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' 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