Art

"Abstraktes Bild (849-3)" by Gerhard Richter. (Courtesy Sotheby's)

The 1% of the 1%: Stratospheric Prices at Auction Mask the Teeth Grinding of the Real Art Market

Last week’s outrageous auction results have left dealers and savvy collectors giddy, puzzled and mentally exhausted. A number of works soared to stupefying heights, defying the gravity of the euro crisis, the Middle East madness and the unexpected softening of gold prices. How and why, at times like these, can art values continue to peak, and Sotheby’s proudly report that it had the third-highest Contemporary sale results in its entire history? Read More