There are now countless resoundingly successful and record-breaking auctions putting art under the hammer. Is the art market gripped by madness? Quite the opposite, in fact. The sector is in excellent health, and the reasons are entirely rational.
A s far back as 2009, Christie’s auction house reported total sales of almost 400 million euros for the Yves Saint Laurent and Pierre Bergé collection. While exceptional at the time, more recent acquisitions have gone even further and continue to do so at a seemingly unstoppable pace.
Described as the auction of the century, the sale of the Rockefeller collection last May reached 832 million dollars. But why the frenzy?
For the love of art
Aside from the fact that acquisitions of this kind are a mark of social and cultural standing, artwork enjoys tax benefits in France, provides good returns – especially when acquired and managed through a specialized fund – and as a result represents a strategic alternative investment.
Picasso’s The Women of Algiers was sold for 179.4 million dollars in 2015, becoming the world’s most expensive painting. This was, of course, until Da Vinci’s Salvator Mundi was auctioned off for 450.3 million dollars in 2017….
Da Vinci’s Salvator Mundi was auctioned off for 450.3 million dollars.
This article is an extract from BARNES Luxury Homes, International Edition 2018, #23.
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