current records were set at auction,but overall the art market cooled as the frenzy around young artists subsided and collectors in Russia and Brazil felt the pinchThere are signs that the art market reached terminal velocity in 2015, and is now starting to slack down. This was a year of current records as billionaires battled for trophy works of art, and spending enormous sums of money in the process. In May,Pablo Picasso’s Women of Algiers (Version O) (1955) sold for $179m at Christie’s current York to become the most expensive work sold at auction. In November, the Chinese collector Liu Yiqian bought Amedeo Modigliani’s Nu Couché (1917-18) for $170.4m, or making it the moment most expensive work sold at auction. More than $2.3bn was spent on art in just nine days of auctions in current York last month. Related: Are the most expensive paintings ever worth their prices? A definitive ranking Continue reading...
Source: theguardian.com