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SOFA open April 16
Sculptural Objects Functional Art Fair (SOFA), one of the important international events in the world of contemporary decorative art and design, opens April 16 in New York.  The fair will comprise over 60 galleries from 10 countries and will include pieces of art glass, silver, ceramics, metal, wood and other materials.
20th Century Design strong up until now
Overall, furniture prices are on the decline, except 20th century design, according to an article in The Times in July 2009. Instead, prices for these pieces have been climbing, particularly for Scandinavian designs.  There are a few early indications that this area too has been slowing down, with pieces from some well known designers going unsold.
In a recent issue of the Financial Times weekend supplement ‘How to spend it’, the worlds of design art and hedge funds were brought together courtesy of Kenny Schachter and Julian Treger. Both gentlemen believe design art offers great value for growth and they are now branching out into ‘Architect Art’ by combining forces with Zaha Hadid.

For more details, go to our section on Architecture.

The two design sales that took place in New York in December 2008 fared better than expected, with 60% of the lots being sold.

In June 2007, the New York dealers Sebastien + Barquet sold a prototype of designer Marc Newson's 'Lockheed' chair for $2.2 million to a Californian collector. The prototype chair, made by the Australian-born, London-based designer, had been acquired at Sotheby’s in New York in June 2006 for $970,000 including fees.

Marc Newson Lockheed Chair
Christie’s Images Ltd. 2009

Lockheed Lounge, the iconic piece designed by Marc Newson, sold for £748,500 at Christie's London in Ocotober 2007.

 

The current auction record for any work by a living designer remains the £750,000 paid at Christie’s in London in October 2007 for the aluminium ’Lockheed’ lounger by the designer Marc Newson.

 

Contemporary chair

“I don’t see much of a difference between making shoes and an aircraft. What you have to be interested in is how it’s made.”
- Marc Newson

Although historically the value of works of contemporary design has risen over long-term periods, there have been periods where this has not been the case. There is no guarantee that the contemporary design market will continue to rise in the future.
 
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