Like the broader art
sector the prices of drawings rose through the bubble and fell during the financial crisis. According to Artprice
, however, drawings resisted much of the insanity on the way up and was thus protected on the way down. By the art market
peak, this medium picked up a price increase of only 27 percent, compared to 93 percent of contemporary art
from 2002 through 2008. Since the broad market decline, drawings have fallen only 11 percent, while the global art index plummeted 36 percent (as of October 2009). Last year, the number of drawing sold actually increased by 10 percent, standing out in a dismal art market.
Old Master drawings have brought new life to the sector, particularly thesale of Raphael's "Head of a muse," which sold for £26 million at Christie's last December
, setting a world record. The Chinese market is helping the sector along, as well, with the copious capital it brings to the market.