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Why the Art Market Ascends Despite Global Economic Woes

30 May 2012
  • Mark Rothko's Orange, Red, Yellow brought an auction record $86,882,500 at Christie's.

    Mark Rothko's Orange, Red, Yellow brought an auction record $86,882,500 at Christie's.

    Christie's

Eleven of the 20 highest prices ever paid at auction have occurred since 2008, when the global economy all but collapsed, reports the New York Times. Did the $120 million Edvard Munch followed by a near-$87 million Mark Rothko sold earlier this month signal the end of a fine-art bubble?

Adam Davidson writes of art's insulated market, "For those who believe that the very, very rich will continue to grow at a pace that outstrips the rest of us, it seems like there’s no better investment than art."

Apart from the upper echelon of buyers, "Most people who create, trade and own art do it for a much simpler reason. They just like it," he concludes.

 

 

Read more at New York Times
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