At Christie’s, Pablo Picasso’s Les Femmes d’Alger became the most expensive artwork ever sold at auction ($179.4 million) and Alberto Giacometti’s Pointing Man became the costliest sculpture ($141.3 million).
Works by American artists were also in high demand. Christopher Wool’s Untitled (Riot), which Sotheby’s auctioned at its Contemporary Evening Sale for $29.9 million, was a record for the artist. I believe there is still room for future growth in the market for American contemporary art, as sales of works by American artists make up a significant part of the worldwide art auction market today.
While these stratospheric auction results grab the headlines, I offer encouragement to the majority of collectors: There are excellent opportunities to build valuable collections at all levels of the market, not just the high end.
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And feel free to contact me at Perkey Fine Art Advisor for more art collecting tips.