Artprice Index | August 2013
A monthly report on the art market
Financial Times, 30 August 2013 http://on.ft.com/193zueY
Newer buyers help polarise art market
Evidence from the months leading up to this year’s August lull indicates that schisms in the market for art are widening.
Jonathan Horwich, global director of pictures at Bonhams, sees an intense focus on the high end of the market. “It’s very polarised,” he says. “Everybody wants what everybody wants, so you get very high prices for one or two things at each auction.”
He cites his company’s sale of Nikolai Roerich’s “Madonna Laboris” for £7.9m in June. The painting shows the Virgin Mary throwing her scarf down from heaven – a glowing turquoise castle – and became the most expensive picture ever sold at an auction of Russian art.
Read the full article at FT.com (paywall) http://on.ft.com/193zueY