Art Is a Billion-Dollar Business

Two Sotheby's international sales of art and jewelry totaled $1.02 billion dollars in November 2013. Bidders from more than 30 countries were represented at the sales. Christie's Nov. 12 art auction alone took in $691 million. And here's more proof that fine art is attracting top prices: An expert recently told us that $6 billion dollars worth of art was stolen in 2012.

jean michel basquiat untitled art

 

 

 

 

 

 

 

 

 

 

 

 

 

Photo: Sotheby's

Comments  

#2 Jean Michel Basquiat untitled artStarThrower50 2013-11-20 14:48
I am befuddled by the artwork included with the "Art Is a Billion-Dollar Business" article. How is this piece related to the Southeby's and Christie's auctions? Frankly, IMO, and that's all it is, I have seen better "art" on the backs of elementary school notebooks! And that is what this looks like to me. Good gods, I hope it wasn't included in the $-bn lots that sold at the listed auction houses. What was the final price, if it did?
#1 mtmynd1 2013-11-20 14:47
Being one who loves art, these current prices affect me in two ways. The first is initially aghast at the astronomical prices some artist's works have gotten. I see this as an indicator of more than interest in the artworks, but that of multimillionair es and billionaires having the money to bid higher and higher on these pieces in order to secure them for profit in the future.

On the other hand, there is the fact that anyone willing to spend millions on a piece of art are certainly going to assure the safety and condition of the piece(s) for future generations to appreciate.

Th ank you.

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