Boom! (ctd.)

February 18 2014

Image of Boom! (ctd.)

Picture: Christie's

Just when you thought the art market couldn't get any crazier... Colin Gleadell reports in the Telegraph:

It’s official! The art market has reached a new peak, and it’s good, old-fashioned painting, figurative and abstract, that’s driving it.

London’s auctions of Impressionist, Modern and Contemporary art sales over the past two weeks have amassed a record £709.5 million, a 39 per cent increase on last February and a 29 per cent increase over the last highest combined totals for these sales in London, achieved in June 2008. In dollar terms, they breached the $1 billion mark for the first time, reaching $1.2 billion.

Jeff Koons' Cracked Egg (above, and the subject of an earlier Guffwatch) made £14.1m, against an estimate of £10m-£15m.

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