The current auction record for a private collection was set this spring by American couple Harry and Linda Macklowe, with US$922 million fetched in auctions conducted by Sotheby’s.
This year is shaping up as one of the biggest in the art market.
Besides the Macklowe auction, an Andy Warhol portrait of Marilyn Monroe sold in May for US$195 million – a record for a piece of 20th century art.
Another iconic Warhol, “White Disaster (White Car Crash 19 Times)” from 1963, depicting a series of images of a brutal car crash, is due to be sold on Nov 16 by Sotheby’s, with a pre-sale estimate of over US$80 million.
“Clients want to diversify their assets, because they can enjoy it, and they know that most pieces continue increasing in value over time,” Adrien Meyer, co-chairman of Impressionist & Modern Art at Christie’s, told AFP.
“There are more billionaires than they are masterpieces, in essence. The demand is very diversified,” he added.
Jeremiah Evarts, vice-president at rival auction house Phillips, agreed that the art market is showing “no signs” of slowing down amid multiple world crises.
“A lot of collectors are looking at the 20th century and perhaps feel more secure buying a Picasso, a Chagall or a Magritte,” he said.
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