It must be true that the value of art does not degrade instead it goes on increasing along with the passing years. Recently, a masterpiece canvas of 1982 by Jean-Michel Basquiat was able to reap $57.3 million at Christie’s. Man! That is a lot of money but the painting is worth that sum.
Oh, wait! It is not only me who is claiming that the art is worth that big sum. According to the dealers, ‘the price was remarkable given the painting’s atypical composition and large size.’
With this, the auction house was really more than happy with the deal. Christie’s worldwide chairman of postwar and contemporary art, on the other hand, described as ‘strong but deliberate buying’.
C'on guys take a look at the artist: Jean-Michel Basquiat
Then it was also confirmed that the contemporary art continued to be the hottest category in the market. But again the Japanese collector named Kyoko Tamura said “It’s not 2014 — we got used to super-high results. The really fashionable artists are down 20 to 30 percent. But the market is O.K.”
We must say that canvas by Jean-Michel Basquiat was the lucky one because several valued lots just barely made their low estimates. The overall results in that auction night left many art experts at awe when the deal happened.
— ArtHitParade (@ArtHitParade) May 11, 2016
“It was much stronger than any of us thought it was going to be,” Mary Zlot, a San Francisco art adviser, said. “If the price is right, people will buy.”