Dear MEL School’s
Topic Readers,
Q. Can art really
get any more expensive? A. 'We will see a billion dollar work'
How much in enough
for a piece of painted work or sculpture? A million, ten or even 100?
As a matter of
fact, an estimated market size for fine art in 2013 is 65.5 billion dollars. On
a single day in the same year, the world largest auction house closed 782
million dollars of trades. Need a more concrete figure? A piece of work by painted
by a French impressionist Paul Cézanne in 1892-93, was reportedly sold for
between $250 and $300 million in a closed door sale.
Who are paying
such a big sum just for an art work? The super-rich individuals, monetary funds
and even some states like Qatar.
Why are they
spending or investing that much money? One expert says, "Prices seem to
set the value. Overpaying is almost the best thing you can do, because you
start to define your own market." This means the deeper the pocket one
has, the better the chances the one could get.
Enjoy reading and
learning about the robust fine art market.
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