A blockbuster auction of Contemporary art in New York, including a record $58.4 million for a Jackson Pollock drip painting, fetched nearly half a billion dollars -- the biggest haul ever at an art auction.
After a brief warning last week that all was not well in the world of the uber-wealthy as a couple of art auctions did not quite go as expected, The Wall Street Journal reports that there is no need to worry... the contemporary art market is on fire.
Recent sales of contemporary art reveal a vibrant yet capricious reboundThe contemporary art business has bounced back faster than many expected, but the market still lacks the coherent drive of the boom. Whereas evening sales in 2007 had the exhilaration of a Formula One race, last week's contemporary sales at Sotheby's, Christie's and Phillips had a rambling feel, as if bidders were driving cross country in a wide range of vehicles.
For years, something was missing in the Colombian art scene. Local artists were producing great work, the local collector base was growing, and foreigners were increasingly eager to buy. Yet the domestic market remained underdeveloped and most artists were unknown abroad. And then this February, former Christie’s auctioneer Benjamin Creutzfeldt supplied the missing link: an auction house. Together with a group of Bogota art experts, he opened Bogota Auctions to provide a reference point for valuing Colombian art and help raise its profile on the international stage.
The global economy is not at its best at the moment. European economies are struggling and China is no longer growing at a double-digit rate. However, these grim circumstances have done little to derail the art business. Dealers and buyers continue to descend upon art fairs and auctions around the world to sell, bid, and acquire. The Financialist has compiled an agenda of the top art events being held all over the globe between now and 2013.
A blue canvas self-portrait by Pop Art king Andy Warhol fetched a record $38.4 million in a tense two-way bidding war at Christie's in New York Wednesday.The 1963-1964 work, which shows Warhol wearing sunglasses in four panels, was the star of a brisk contemporary art sale that saw the auction power house leave arch-rival Sotheby's in its tracks.Total sales hit $301.7 million, just over the high pre-sale total estimate of $299 million, and far above the $128 million netted at Sotheby's in its own contemporary art sale on Tuesday.