Souren Melikian has an interesting update on contemporary art sales at Sotheby's + other viewpoints @ http://www.iht.com/articles/2008/05/15/arts/melik16.php
It's hard to figure out what drives the bidders to go over the roof, but I think the diversity in style may have inspired the bidders to go the extra mile paying shocking prices. Definitely the Sotheby's sale have taken the market to a new level. It looks like the bubble is still inflating.
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