The Business of Art
Gloria Gales
Art News
December 31, 2009

And the Winner Is: Raphael

2009 was not the best year for the art business as contemporary art prices dropped by fifty percent and sales fell seventy-five percent. New galleries as well as long established galleries closed their doors, but it isn't all bad news, many artists and art dealers are now enjoying the delights of working from their home studios, thank God for the internet!

As the year comes to a close we can all hope and pray for a more prosperous year ahead. My Christmas wish for all of the artists this year is that they find their muse and enjoy the gift of creating art.

It is fitting that the highest paid auction price for a work of art in 2009 was Raphael's Head of a Muse, a lovely chalk drawing of a soulful looking young woman. Raphael created the drawing as a study for a Vatican fresco.



The drawing fetched $47.5 million dollars at the Old Masters and 19th Century Art auction at Christie's in London on December 8th. More interesting is that the pre-sale estimate was fifty percent less than the selling price. The sale set a record for a work on paper, and we in the art business all know the reluctance of art collectors to pay high prices for works on paper. We do not know who the new owner of the Muse is, it was purchased anonymously via telephone. As always I can't help but wonder where the beautiful Raphael has landed. Is it displayed and enjoyed whist listening to Mozart and drinking fine wine, or is it tucked away in a vault waiting for the next auction?

Raphael (Raffaello Santi) Self Portrait

Raphael was born in Urbino, Italy in 1483, he died in Rome in 1520.