( The following is an excerpt from our Collectible Asset Exchange Advisor newsletter located here )
The depression era song, “Happy Days Are Here Again” was composed in 1929, music by Milton Ager and lyrics by Jack Yellen. This song is probably best remembered as the campaign song for Franklin D. Roosevelt’s successful 1932 Presidential campaign. This song suggests an optimistic view of the world in an era when there was little to be optimistic about.
The good news is that, despite the “gloom and doom” surrounding the financial markets, the market for artwork and collectibles continues to be strong in the U.S. and overseas. According to Sotheby, a two-day sale of artwork by Damien Hirst on 9/18/08 set a new record £111 million for an auction dedicated to one artist. Sotheby’s stated that the previous record for artwork sales was set in 1993 for 88 pieces of artwork by Picasso, which sold for US$20 million.
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