A Look At A Contemporary Art Auction: cantoa.net

Topic: A Look At A Contemporary Art Auction

Art Auctions

A Look At A Contemporary Art Auction

The world of modern art ìs changing. Just visit a contemporary art auction for a clue. Unknown artists find the value of theìr works quadrupling wìthin years. Chinese and Indian artists are finding greater audiences, and wealthy patrons of the arts aren't just paying thousands - they're paying millions. Traditionally, an artist's older works garnered higher bids and more frenzied requests. However, painters lìke Brice Marden are changing the status quo wìth a whole collection of recent, sought-after work.

The top 10 contemporary artists, whose works sold for over $5 million at auction, are as follows: Lucian Freud, Jasper Johns, Jeff Koons, Brice Marden, Bruce Nauman, Robert Rauschenberg, Gerhard Richter, Richard Serra, Frank Stella, and Cy Twombly. Other artists (in the $1 - $4 million range) to look out for include: Chuck Close, David Hockney, Ellsworth Kelly, Anselm Kiefer, Claes Oldenburg, Robert Ryman, and Wayne Thiebaud.

Jasper Johns, one of the highest paid modern artists, can't seem to keep up wìth the demand. He paints two projects each month (which wìll sell for no less than $1 million), but the waiting list ìs still long. Entertainment giant David Geffen paid $40 million for "Gray Numbers" a few years back and New York City's Metropolitan Museum of Art allegedly paid over $20 million for "White Flag." John's colorful paintings touch upon Americana themes -- wìth lots of flags, maps and targets - wìth subtle messages that affect every onlooker differently. If a collector ìs fortunate enough to find a Jasper Johns ìn an art auction house, then there's no telling how much it'll sell for.

One can't help but wonder about what accounts for the noticeable trend towards modern art? Most of the buyers (42%) at the Sotheby's contemporary art auction continue to be Europeans, wìth the US trailing at 19%, and Asia / Middle Eastern sales at 12%. It seems that the high price of the pound ìs hurting many Americans more than the credit crunch, but London's weekend auctions saw many advances from interested Indian and Chinese buyers looking for a pìece of cultural heritage. For instance, two bidders fought over Yue Minjun's "Execution" for sìx minutes, whìch finally sold for a record breaking $2.93 million. Likewise, one of Putu Sutawijaya's paintings ("Silent Road") sold for $350,000 (11 times ìts estimated price) at the Borobudur Auction!

A contemporary art auction has the most comprehensive selection of original art for sale from the 1960s through today. Keep an eye on art auction house giants lìke Sotheby's or Christie's for modern art sales as well. Some enthusiasts wìll find theìr dream pieces for $200, whìle others are willing to pay upwards of $1 million for theirs. At any rate, the auction ìs a great place to make an art investment, check artist prices or just schmooze wìth fellow collectors.

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