The Art World Makes a Billion-Dollar Bet
Consumer confidence is at a two-year low, oil prices at an all-time high, a million or more sub-prime mortgagees are facing eviction from their homes...But in the art world, the party's just getting started -- and this could be the year the market breaks the $1 billion mark.
The fall art season is in full swing, with the major sales of contemporary art at the principal New York auction houses, Sotheby's and Christie's, scheduled for November 2007. Contemporary art has been leading the market for five years now...
At the 2006 New York sales, contemporary art raked in over $871 million altogether - an abstraction by painter Mark Rothko brought $72.84 million, and Andy Warhol's "Green Car Crash (Green Burning Car I)" (1963), sold for $71.72 million...
Full report here @ NJ
No comments:
Post a Comment