A Record-Breaking Week of Art Auctions in the Culture Capital ; CULTURAL INVESTMENT
Jury, Louise, The Independent (London, England)
The sense of anticipation was tangible when the auction house Sotheby's opened its major sale of contemporary work in London last night, with figures this week already breaking European records. By the end of a night when more than [pound]45m of art was auctioned - itself a record for any contemporary art sale in Europe - more than [pound]167m worth of art had been sold by the auction house this week.
The top lot in the sale was Peter Doig's White Canoe, which sold to an anonymous bidder in the room for the record price of [pound]5,732,000; more than five times the previous record of [pound]1.28m and a record for a work by a living artist.
For the first time a work by 75-year-old artist Frank Auerbach, who has lived and worked in the same north London studio for almost half a century, sold for more than [pound]1m. The Camden Theatre in the Rain, painted in 1977, sold for [pound]1,924,000, almost four times the estimated price. Among the 11 new artist's records achieved last night was Andreas Gursky's 99 Cent II, Diptych, which sold for [pound]1.7m - a record for any photograph sold at auction.
Add in the [pound]89.7m that Christie's achieved with its Impressionist and modern auction on Tuesday evening and its high expectations of a world-record price for a Francis Bacon at its postwar and contemporary sale tonight, and there is clear evidence that the British art market is booming.
New buyers, such as the Russians who have made London their home, have expanded the client base. Add in City whizz-kids and their bonuses, and it is clear there is no shortage of cash. A survey by Barclays Wealth, the wealth-management arm of Barclays, suggested that one in 10 of those receiving bonuses intended to invest in art and antiques, with this week's annual sales the first major opportunity.
In the art world, this excitement becomes self-perpetuating. In the past year or so, dozens of works have come on to the market for the first time in decades because it is clear to their owners …
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Publication information: Article title: A Record-Breaking Week of Art Auctions in the Culture Capital ; CULTURAL INVESTMENT. Contributors: Jury, Louise - Author. Newspaper title: The Independent (London, England). Publication date: February 8, 2007. Page number: 4. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.
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