"We expect a very strong auction season this fall as high- net-worth individuals globally reallocate more funds into top- quality art for value-preservation purposes," said Sergey Skaterschikov, founder of Skate's Art Market Research, in an e- mail.
Art dealer Mark Borghi, who operates galleries in Manhattan and Bridgehampton, New York, sold about $4 million of art in the past three weeks. Among the works was a $1 million painting by Joan Mitchell and a $125,000 drawing by Ed Ruscha.
"It's a spike for sure," said Borghi, whose clients work on Wall Street and at hedge funds. "Since this whole turmoil has started, I've had meetings with new collectors who are tired of the stock market and want to invest in the art market."