 
A Look At A Contemporary Art Auction
The world of modern art is changing. Just visit a contemporary art
auction for a clue. Unknown artists find the value of their works
quadrupling within years. Chinese and Indian artists are finding
greater audiences, and wealthy patrons of the arts aren't just
paying thousands - they're paying millions. Traditionally, an
artist's older works garnered higher bids and more frenzied
requests. However, painters like Brice Marden are changing the
status quo with a whole collection of recent, sought-after work.
The top 10 contemporary artists, whose works sold for over $5
million at auction, are as follows: Lucian Freud, Jasper Johns, Jeff
Koons, Brice Marden, Bruce Nauman, Robert Rauschenberg, Gerhard
Richter, Richard Serra, Frank Stella, and Cy Twombly. Other artists
(in the $1 - $4 million range) to look out for include: Chuck Close,
David Hockney, Ellsworth Kelly, Anselm Kiefer, Claes Oldenburg,
Robert Ryman, and Wayne Thiebaud.
Jasper Johns, one of the highest paid modern artists, can't seem to
keep up with the demand. He paints two projects each month (which
will sell for no less than $1 million), but the waiting list is
still long. Entertainment giant David Geffen paid $40 million for
"Gray Numbers" a few years back and New York City's Metropolitan
Museum of Art allegedly paid over $20 million for "White Flag."
John's colorful paintings touch upon Americana themes -- with lots
of flags, maps and targets - with subtle messages that affect every
onlooker differently. If a collector is fortunate enough to find a
Jasper Johns in an art auction house, then there's no telling how
much it'll sell for.
One can't help but wonder about what accounts for the noticeable
trend towards modern art? Most of the buyers (42%) at the Sotheby's
contemporary art auction continue to be Europeans, with the US
trailing at 19%, and Asia / Middle Eastern sales at 12%. It seems
that the high price of the pound is hurting many Americans more than
the credit crunch, but London's weekend auctions saw many advances
from interested Indian and Chinese buyers looking for a piece of
cultural heritage. For instance, two bidders fought over Yue
Minjun's "Execution" for six minutes, which finally sold for a
record breaking $2.93 million. Likewise, one of Putu Sutawijaya's
paintings ("Silent Road") sold for $350,000 (11 times its estimated
price) at the Borobudur Auction!
A contemporary art auction has the most comprehensive selection of
original art for sale from the 1960s through today. Keep an eye on
art auction house giants like Sotheby's or Christie's for modern art
sales as well. Some enthusiasts will find their dream pieces for
$200, while others are willing to pay upwards of $1 million for
theirs. At any rate, the auction is a great place to make an art
investment, check artist prices or just schmooze with fellow
collectors.
Art Auctions Information
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