Art auctions! Art Auctions!

Kenya Tue 30-06-2009

Art auctions! Art Auctions!
By a Correspondent

Some of the world's best and priciest art pieces could be held in private hands or collectors. However, this scenario does not arise by choice, but rather owing to dictates of the purse. One needs to analyze recent trends at New York ’s reputable art auction marts – Christie’s and Sotheby’s.

According to news reports, ten years ago, contemporary auctions would gross up to $15m on a good day. By end of 2005, Christie’s sales topped $100m for the first time and Christie’s $160m for both impressionist and contemporary art sales.

These are no mean figures by any standards or estimates – yet any price bid and paid for a particular painting is not necessarily a good indicator of the piece's creativity, cultural significance, uniqueness nor popularity.

A notably high price may occur simply because two or more wealthy art collectors wanted the same painting and were willing to bid high.

‘Garcon a la pipe’ – a masterpiece by Pablo Picasso, painted during 1905 when aged 24, became the most expensive piece of art ever sold – almost a century later in 2004, as the Sotheby's hammer fell with a price tag for $104m (£58m).

The previous high for a Picasso was $55m – while the overall record price ever paid for a painting was $82.5m for Vincent Van Gogh's ‘Portrait of Dr Gachet’ during another auction at Christie's in 1990.

Annually, for a period stretching over a decade – millions of dollars often exchange hands in high-profile and widely-publicized auctions regularly billed as on-going battle between the two venerable auction houses.

In the words of renowned author and poet, Sarah Josepha Hale, 1788-1879 – “…Any man who has money may obtain the reputation of taste by the mere purchasing of the works of art..”

Indeed the monetary worth pegged on works of art, has over the years dictated market value - judging by cases of paintings and sculptures fetching up to millions of pounds and dollars at prestigious auctions/art fairs mainly in the US and Europe.

But the million dollar question is: do these collectors pay exorbitant fees because they genuinely appreciate the works of art or for the status of being in possession of treasured paintings/sculptures?

Please send your comments or views to

andrew@africancolours.com

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