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Art Market Sails Over Turmoil

Weak dollar, overseas buyers help keep prices high

By Dustin Lushing,  Newser Staff

Posted Dec 26, 2007 6:01 AM CST
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(Newser) – US financial markets were in chaos this year, but the art market certainly wasn't. The expanding ranks of the super-rich, the weak dollar, and emerging connoisseurs from Russia, China, India, and the Middle East kept auction houses in fine form, the AP reports, with postwar and contemporary works—including a $71 million Warhol—leading the way.

"If you look around, particularly in New York, it seems like everyone's a billionaire and they don't seem to be affected terribly by this credit crunch," said one consultant. A Matisse went for more than $33.6 million in a November sale at Christie's that earned almost $400 million, and a tiny limestone lion sculpture sold for $57 million earlier this month at Sotheby's.

This photo released by Christie's shows Andy Warhol's iconic 1963 portrait Liz, which sold for $21 million. The portrait depicts Elizabeth Taylor, one of three legendary muses who inspired Warhol in the 1960s. Marilyn Monroe and Jackie Kennedy were the others. (AP Photo/via Christies)
This photo released by Christie's shows Andy Warhol's iconic 1963 portrait "Liz", which sold for $21 million. The portrait depicts Elizabeth Taylor, one of three legendary muses who inspired Warhol in...   (Associated Press)
'Marrakech' a painting by the late British Prime Minister Sir Winston Churchill is sold at auction at Sotheby's in London, Thursday, Dec. 13, 2007. The painting give by Churchill to the late U.S. President Harry S. Truman in 1951 was sold Thursday for $955,645. (AP Photo/Sang Tan)
'Marrakech' a painting by the late British Prime Minister Sir Winston Churchill is sold at auction at Sotheby's in London, Thursday, Dec. 13, 2007. The painting give by Churchill to the late U.S. President...   (Associated Press)
This picture supplied by Christie's shows Andy Warhol's Green Car Crash (Green Burning Car I), which sold for $71 million in May. (AP Photo/Christie's Images Ltd. 2007 )
This picture supplied by Christie's shows Andy Warhol's "Green Car Crash (Green Burning Car I)," which sold for $71 million in May. (AP Photo/Christie's Images Ltd. 2007 )   (Associated Press)
The auctioneer takes bids on Andy Warhol's Liz during the post-war and contemporary art auction at Christie's in New York, in this Nov. 13, 2007 file photo. The Warhol was sold for $21 million. Despite turmoil in the financial markets, the art market remains strong. (AP Photo/Seth Wenig, File)
The auctioneer takes bids on Andy Warhol's "Liz" during the post-war and contemporary art auction at Christie's in New York, in this Nov. 13, 2007 file photo. The Warhol was sold for $21 million. Despite...   (Associated Press)
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'Economist' says art boom can't continue
Economist

Sotheby's auction house
Sotheby's

 
art • Andy Warhol • Sotheby's • Christie's • auction • US economy • Matisse • art auction • weak dollar

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