Faith in contemporary art in billionaires' increasing

"In just three days last week contemporary art sales by auction houses Christie's, Sotheby's and Phillips de Pury racked up $635 mn.
. . .
'This strong trend will continue in the market,' said Koji Inoue, Associate Vice President, Specialist, Post-War & Contemporary Art and Head of Evening Sales over phone. 'I think it is has been spurred by collectors who are not really looking at art as an investment. It is more buoyed by a powerful store value. They weren't necessary speculators and as they were offered with a once in a lifetime opportunity, they could not let it pass on, no matter what the economic standards are,' he added."  [Read Full Article]

Published by:  The Economic Times
On:  11/15/11
Website:  http://economictimes.indiatimes.com

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