Reuters – Traditional works of fine art are fetching good prices despite the recession as buyers seek security and quality, industry insiders said this week at the Art Basel show.

Film star Brad Pitt grabbed the headlines by splashing out $1 million on a painting by German artist Neo Rauch at the show, the world’s largest, which is celebrating its 40th year.

"The sudden change of the market in October affects not so much the prices but the overall volume of what is being offered," said Simon de Pury, chairman of auction house Phillips de Pury & Company.

"The catalogues are getting thinner but the prices are not necessarily getting lower. Indeed, some have held up very, very well," said de Pury, a leading art world figure known for his ability to whip up excitement in the sales room.

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Bloomberg – At the Art Show last year, dealer Richard L. Feigen offered an $8.5 million Pablo Picasso still life. This year, he’s highlighting less expensive art, including a $90,000 purple teapot painting by Georges Braque.

“The guys with the bonuses and hedge funds won’t be throwing money around,” he said. “There are a lot of things at lower price levels than in the past.”

The opening gala for the annual fair at the Park Avenue Armory in Manhattan proceeded last night without its sponsor, the bankrupt Lehman Brothers Holdings Inc., and with the expectation of fewer sales than last year.

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