Ripple effect of record sales in New York
Experts tell us what impact the record-breaking auction could have on Art Basel Hong Kong?
By Melanie Gerlis and Gareth Harris. From Art Basel Hong Kong daily edition
Published online: 22 May 2013
Christie’s broke the record for the highest amount raised in one auction last week when its contemporary and Modern sale in New York raised $495m. Big-ticket items included Roy Lichtenstein’s Woman with Flowered Hat, 1963, (detail, below) bought for $56.1m by the London jeweller Laurence Graff. What were the reasons behind such a stellar sale? And what impact could it have on Art Basel Hong Kong?
“The auction sends a positive signal about the vigour of the art market. A major factor is the sense of collecting the present… something I think is very attractive for an entrepreneur in Asia, for example.”—Lars Nittve, executive director of M+
“The paintings [by Lichtenstein, Warhol and De Kooning] are often vibrant and fun—and you don’t need a knowledge of Europe or its history to read them.”—Christian Levett, hedge fund manager, collector and museum founder
“With no economic uplift predicted, it’s no surprise that wealthy buyers, including those from Russia and China, are parking their cash in a tangible asset like art.”—Constanze Kubern, London-based art adviser
“More people are collecting at the highest level and in a greater number of places around the world. That’s partly why we’re doing these fairs: you can’t wait for people to come to you, you also have to go to them.”—Marc Spiegler, director of Art Basel
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