Nice article by Katya Kazakina in Bloomberg today covering the guaranteed lots in the upcoming sales. At this point, can we really call these sales auctions? For all intents and purposes, many of the works being offered are already sold. It is very sad to see that the upper end of the art market is all about the money; but at these levels what can one expect. According to the article, both main salerooms have about $500 million in guaranteed lots and Phillips has almost $43 million of a $75 million sale guaranteed. As the values continue to increase, the murky auction world gets murkier and murkier. Does the game Hot Potato ring any bells? At some point these markets will correct and a lot of people may be very unhappy with their ‘purchases’ … but until then, the circus continues. For more, click HERE.
Andy Warhol “Mao”