The reasons why Auctions are hauling Art Prices to the Zenith

FieldGuides The fury seemed to kick start at the Sotheby’s Impressionist & Modern Art Evening Sale in the spring of 2015. A Vincent van Gogh canvas cracked into the price of $66.3 million running pass its highest estimate of $40 million. It is just an example from among many other record sales that followed in the auction week. The highest single-week sale was attained recently at Christie’s ending the auction transaction at a total of $1.7 billion. The greatest impressions was on innovations of contemporary period. The auction hauled Picasso’s Les Femmes d’Alger as the most expensive artwork ever sold bagging $179.4 million and made Alberto Giacometti’s Pointing Man the priciest sculpture at $141.3 million.

1200x-1 This is how the landscape looks. Lately, the curve of expenditure on Arts are attaining sharper gradients. As depicted by Christie’s global president Jussi Pylkkanen, collectors are selling these masterpieces to fulfill the dual need of philanthropy and acquiring new collectibles. This, in return, is pulling prices to the highest from the higher. Pylkkanen’s observation also highlighted the rise of Asian collectors with fat wallets as a substantial addition to the juggernaut. Adding to his viewpoint, Fergus McCaffrey, the Gallery owner emphasized that collectors from the East are beginning to make a stand in collecting while most of the consignments are from Western art connoisseurs, particularly Americans. He underlined art collection as a tradition in the US community.

FredTomaselli American artists are emerging as expensive wagers for the fraternity. Their works have significant impact in the global art market. Arts by American artists like Mark Bradford, Fred Tomaselli and Christopher Wool are emerging as premium collectibles. In Sotheby’s, an artwork by American artist Christopher Wool was sold for $29.9 million. The price was a record for works by living artists. Now are the instances when art prices are hovering up high. However, industry experts forecasted that the price will not remain the same in near future. According to them, present are the times when hotshot art collectors are in business mode. But times such as this, are always followed by seasons when they just want to preserve them.