Is the Art Market Rebounding?
The Best In Brief
Is the Art Market Rebounding?
It looked like it was only worth $200, but it fetched $43.8 million. A 1962 Andy Warhol painting of 200 dollar bills fetched the primo price at an auction for London-based art collector Pauline Karpidas, who bought the painting for a mere $385,000 in 1986. The sale underscores buyers' returning confidence in the art market, which the world financial crisis nearly destroyed. Some dealers proclaimed the end of the slump. New York dealer Jack Tilton enthused, "Art has come back more than stocks or housing." It may not be time to drink champagne out of Duchamp-signed urinals yet, though. Others, such as art adviser Todd Levin, pointed out that auction house estimates have been reduced by 50 to 75 percent, lowering expectations "to such a degree that everything looks rosy."
Partner Sites: Expedia| Hotels| Hotwire| MerchantCircle| Reference| Thesaurus| Urbanspoon
MedicineMan
WTF!
russhhh
Are you kidding me? Over 10,000% increase in value in 23 years? Who bought it, a hedge fund?
queensplate
is this not just another in-house scam ?
Granite
Wow! One guy buys a painting and the economic crisis is over! LOL!
hfb1053
For these extremely wealthy people, there is no economic crisis. It went on the market because someone heard there was interest and the rich guy bought it. No recovery; no crisis. It's only the regular and the poor people who ever struggle.
johnsmith1882
Thank goodness. It would be a real shame if someone didn't have an extra $44 million burning a hole in their pocket, in order to buy a painting that he'll probably keep in storage for a few years until he sells it himself. To borrow from the Hitchhiker's Guide: these jerks will be the first ones against the wall when the revolution comes.
hfb1053
Only one problem, johnsmith, there ain't gonna be no revolution.
Thank you.
As a first time user, your comment has been submitted for review. It can take anywhere from a few hours to a day or two for your comment to be reviewed, depending on the time of week and the volume of comments we receive.