Thursday, November 15, 2012

Is Art the New Gold?

Christie's auction of contemporary art drew spirited bidding, much of it from foreign buyers said to be seeking a safe haven for their surplus wealth.

Buyers will be happy indeed if they fare as well as the seller of this Warhol:
Six people fought for the Pop artist’s 1966 image of a sexy Marlon Brando leaning on his motorcycle’s handlebars, which was being sold by Donald L. Bryant Jr., a New York businessman. Mr. Bryant had bought the painting at Christie’s in 2003 for $5 million. On Wednesday it…ended up making $20.1 million or $23.7 million with fees.

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