'Art market buoyant despite global economic uncertainty'

A leading art expert says the market remains buoyant, despite the uncertain political and financial climate.

David Rago, founder of the prestigious Rago Arts and Auction Center in New Jersey, believes that despite the financial unknowns that have followed Donald Trump's election victory, art buyers and sellers have confidence in the market.

Paul Evans wardrobe

Paul Evans' cabinet sold for $382,000 at Rago earlier this month

"Right now, it appears that political and economic uncertainty has been trumped by the prospect of financial gain, which is good - at least for the art market and the people who participate in it,” Rago said.

He was speaking after his company's January Design Auction on January 21-21. It saw a Paul Evans-designed cabinet sell for $382,000 – a new auction record for the modernist furniture designer who died in 1987.

Rago did sound a cautionary note, however.

"This was the first sale since the November elections, so leaping to conclusions may be premature."

An Evans wall-hanging cabinet achieved $112,500, while a George Ohr ribbon-handled vase made $87,500.

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