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.
Lagos (AFP) - Giles Peppiatt, from Bonhams in London, had good reason to make the trip to Nigeria's financial capital, Lagos, for the auction house's next sale of African art -- a glut of potential buyers.
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.
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.
Christie's has a storied history of blockbuster art sales that date all the way back to the 18th century. But the auction house is taking a decidedly different direction with "If I Live I'll See You Tuesday," an auction being put on by the company's contemporary-art specialist, Loic Gouzer.