Art becomes more expensive, world appreciation ups

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Last Updated: May 15, 2014

Auction house for fine arts Christie’s launches Post-war Masters and Contemporary Evening Sale and expects sales to go beyond $200 million in just a night.

The New York showroom will house the works of Francis Bacon and his Three Studies for a Portrait of John Edwards, Mark Rothko and his Untitled, and Gerhard Richter and his Abstraktes Bild (712).

These artworks are expected to sell for $80 million, $60 million, and $28 million respectively.

Just two days ago, the same auction house was able to sell over $130 million worth of artworks from contemporary artists such as Jeff Koons, Jean- Michel Basquiat, and Richard Prince in just an hour.

Steven Murphy, chief executive officer of Christie’s said that buyers from different and new markets help keep the art market very much alive. Murphy said people from all around the world who are interested to get hold of a piece of art are in an exploding number.

The director of global art advisory firm 1858 Ltd Art Advisory, Viola Raikhel-Bolot says art collectors form Latin America and from Asia flock in New York to purchase from the city’s esteemed galleries.

According to the annual report made by the European Fine Art Fair, fine art global sales have jumped to 7.5% in 2013. In monetary translation this value has reached an over all $65.5 billion, beating the all time high record sales set in the year 2007.

Just last year, Christie’s has reported total art sales of $7 billion. The auction house also smashed the record for highest earning auction series by bringing in total sales of $782,368,375.

A contemporary work of Jeff Koons sold for almost $60 million dollars making it the most valuable artwork sold at an auction by an artist who is still alive. Francis Bacon’s work also contributed to the mega success of that auction when one of his works was sold for $142 million.

However, according to the director of Marlborough Contemporary gallery in London Andrew Renton, more art deals are done behind closed doors. Some of deals conducted in this manner are more record shattering than what is being reported. He said collectors overpay because it’s the best thing to do especially when prices are defining the value of the artwork. Collectors are defining their own market he says.

Renton believes wealthy collectors want “superlative works that delve into our psyche.”

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