Inflation fears fuel demand for artPosted: November 13, 2009
The Wall Street Journal reports that “inflationary fears” and “expectations of higher bonuses in the financial markets” stoked demand for high-end art in major fall auctions:
The mood among collectors grew increasingly upbeat as the two weeks of sales progressed. At Sotheby’s contemporary art sale Wednesday night, a Warhol silkscreen sold for $43.7 million, more than triple its high estimate. At a lively sale of modern and Impressionist art the week before at Sotheby’s, an Alberto Giacometti sculpture sold for $19.3 million, well over its $12 million high estimate.