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http://www.Sparstreet.com "Bewitched, bothered, and bewildered am I." So what happens now that billions of dollars were spent recently, including $72.8 million for a Mark Rothko and $71.7 million for an Andy Warhol, at the sales? Is the sky the limit? How high is up? When will the bubble burst? Or will it? From Chelsea to China, from Mumbai to Moscow, those are some of the questions you hear wherever art is bought or sold. Last year at least 810 works of art were sold for over $1 million at auction, according to Artprice.com, which added that we should keep in mind that "until the end of the 1990s only 100 to 200 auctions per year broke through the million-dollar threshold." At least 200 works went for more than $1 million at the recent auctions. We'll never know, of course, how many more works were sold in dealers' back rooms, front rooms, and at art fairs, as Carole Lieff, a Los Angeles--based art consultant, wrote in her newsletter recently. "After all," said one dealer who has...
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http://www.Sparstreet.com "Bewitched, bothered, and... (more)
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