Just when you thought you'd heard it all, along comes something to knock you back on your heels.
Apparently, we're in a recession... but not according to those in the high-end antique and art market! This 90-year-old armchair (called Dragons— yes, it even has its own name!) made of leather and wood, sold at Christie's for far more than its estimated $3.8 million - a lot more - a Christie’s rep was so flabbergasted at the price, that he apparently had to check his numbers twice before reporting the figure!
Titled the "AUCTION OF THE CENTURY," the total receipts brought in by the sale were $484 million - almost $60 million more than was previously estimated! Which to some, is proof that antique and art enthusiasts are still spending wildly - even during a recession. Many analysts said that this sale would be a good indicator of how things might progress for the antique and art market for the next 5 to 10 years.
If this is indeed the case, and with chairs selling for $28 million a piece, then perhaps this really is the time to jump into the antique business with both feet... after all, you wouldn't want to get caught "just" sitting on a chair that might be worth millions... would you?