What is a Contemporary Art Auction?

The modern art world is changing. Just visit a contemporary art auction for a clue. Unknown artists find the value of their work four times within years. Chinese and Indian artists are finding larger audiences, and wealthy patrons of the arts just are not paying thousands - are paying millions.


Traditionally, older work of an artist stored higher offers and requests more frantic. However, painters like Brice Marden are changing the status quo with a whole collection of recent work requested.

The 10 top contemporary artists, whose works sold for over $ 5 million in the auction are as follows: Lucian Freud, Jasper Johns, Jeff Koons, Brice Marden, Bruce Nauman, Robert Rauschenberg, Gerhard Richter, Richard Serra, Frank Stella, and Cy Twombly. Other artists (in the range $ 1 - $ 4 million) to look out for include: Chuck Close, David Hockney, Ellsworth Kelly, Anselm Kiefer, Claes Oldenburg, Robert Ryman, and Wayne Thiebaud.

Jasper Johns, one of the highest paid modern artists can not seem to pursue the case. He paints two projects each month (you sell for no less than $ 1 billion), but the waiting list is still long. The entertainment giant David Geffen paid $ 40 million "gray numbers" a few years back and the Metropolitan Museum of Art in New York City allegedly paid about $ 20 million the "white flag."

The colorful paintings, American themes of John rub - with lots of flags, maps and white - with the subtle messages that affect every viewer differently. If a collector is lucky enough to find a Jasper Johns art auction house, then not much is known to sell.

One can not help but wonder what explains the noticeable trend towards modern art? Most purchasers (42%) in the contemporary art auction Sotheby remain in Europe, with U.S. crawling in 19%, and Asian / Middle Eastern sales at 12%.

It seems that the high price of the pound is hurting many Americans more than the credit crunch, but the weekend's auctions in London saw many advances of the concerned Indian and Chinese buyers seeking a piece of cultural heritage. For example, two bidders fought over the "execution" of six minutes by Yue Minjun, which eventually sold for $ 2.93 million record. It paints a Sutawijaya Putu ( "quiet way") sold for $ 350,000 (11 times its estimated price) in the Borobudur auction!

The art world is shifting from the traditional flashy event, complete with fine wine, cheese and fashionable attire - one to sit behind the computer screen, available credit card. While it may seem impersonal to some, it is advantageous to others who have the ability to jump between sites, checking the prices right to know if there is particular work that have their eye on. After browsing online catalogs, art lovers can get a good idea of what is available in the market to date, and then make the best purchase later at an auction of contemporary art.