Art-Fair Dealers Cut Prices 30 Percent as Buyers Seek Bargains
By Scott Reyburn

March 24 (Bloomberg) -- Exhibitors at the world’s biggest art and antiques fair reduced prices by as much as 30 percent as collectors hunted for bargains from dealers as well as auctions.

Buyers at the European Fine Art Fair -- Tefaf -- in the Dutch city of Maastricht bought works by Lucio Fontana, Andy Warhol and El Greco, while some sellers said yesterday that they had increased discounts.
A record 239 dealers offered an estimated $1 billion of artworks spanning four millennia at Tefaf, which ended on March 22. The fair was the first test of whether the 373.9 million- euro ($510 million) success of Christie’s International’s Yves Saint Laurent auction in Paris last month was a one-off, or an indication that wealthy people are again looking at art as an alternative investment. Prices at other art auctions have fallen between 30 and 50 percent during the last six months.

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