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Art is making money
The financial markets might be struggling, but the art market is doing quite all right. The fall auction season in New York broke records: $71 million for an Andy Warhol, $33 million for a Matisse.
One November sale took in almost $400 million.
The weak dollar is partially responsible for this. In the last years, more wealthy buyers from Russia, China, India and the Middle East have decided to spend their millions in art.
One thing to be cautious about: Generally, the art market trails the financial markets by about six months. So the party might be over soon.
Posted on December 26, 2007 4:29 AM PT | Permalink
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