According to The Art Newspaper, the huge wealth from oil and mining in the Middle East and Russia is flowing into fine art, with a rush of new buyers entering a market that was already booming. Roman Abramovich, the Russian metals and minerals tycoon, was the buyer of two of the three most expensive paintings sold at Sotheby's big May sale in New York, paying $86m (£43m, €55m) for Francis Bacon's 'Triptych, 1976' and $34m for Lucian Freud's 'Benefits Supervisor Sleeping'. Sheikh Saud al-Thani, from the Qatari royal family, is building an art museum and the sheikh has emerged as one of the biggest collectors in the world. According to Art Market Report's Contemporary Art 100 index, the rise in the contemporary market has been especially strong, with prices up by 300 per cent in the past three years. I think the Russians will turn out to be the Japanese of the early 21st century. In the 1980s, Japanese property developers were famously among the biggest buyers, mopping up Impressionist works only to offload them at much lower prices just a few years later when the Japanese asset bubble burst. The art market has changed, thanks to globalization + the new money; amazingly there is still demand for the best works. Again, thanks to emerging economies of China, India, Russia, Mexico and Brazil.
Useful links:
www.theartnewspaper.com
www.arttactic.com
www.sothebys.com
www.christies.com
www.phillipsdepury.com
www.mutualart.com
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