Left to right: Estate of Pablo Picasso/Artists Rights Society, New York, via Christie’s;Sotheby’s/European Pressphoto Agency
What explains the quick return to confidence in the art market?
This month, a painting by Picasso, “Nude, Green Leaves and Bust,” became the most expensive painting ever sold at an auction when it exceeded expectations to fetch $106.5 million at Christie’s. In February, a sculpture by Giacometti, “Walking Man I," sold for $104.3 million at Sotheby's, setting the previous world record auction price.
What accounts for these auction prices? Are investments in trophy art any different from investments made in an office park or a sports team?
- Denis Dutton, professor of philosophy of art
- Eileen Kinsella, editor of ARTnewsletter
- Donald Kuspit, art historian
- Kathryn Graddy, economist
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