Frieze London and Frieze Masters will go ahead from 8-11 October, and on 21 October, Sotheby’s is livestreaming an auction in Paris for the first time and combining it with a simultaneous event in London.

The record price paid online for a painting has increased tenfold this year, and with a series of eye-catching art fairs and auctions over the next couple of months, it could be broken yet again. In our paper “The economics of aesthetics and record prices for art since 1701”, we trace all record-breaking art auctions (in nominal British pounds) since the start of the eighteenth century that preceded the Picasso sale. Explorations in Economic History. 2015. No price records are set until 1957, but then we start seeing a shift in market leaders towards Impressionism and Post-Impressionism. That door looks like it will have been kicked off its hinges by the end of the year. Bonhams Fine Art Auctioneers & Valuers: auctioneers of art, pictures, collectables and motor cars Bonhams We use cookies to remember choices you make on functionality and personal features to enhance your experience to our site. Thinking about the physicality of an artwork and its ‘presence’, one should not underestimate the fact that most collectors buying important (expensive) artworks online, are buying works by artists they already know.”. As fine art grows more valuable, it is recognized as a highly portable store of value—and the auction as a public means of creating that value. Joan Mitchell’s Garden Party sold for $7.9 million, only to be surpassed by Jean-Michel Basquiat’s Untitled (Head), which went to $15.2 million. Nearly a fifth, 17%, of millennial respondents said they had spent over $1 million on art this year, compared to just 4% of boomers. You can contact me at jamesp.freelance@gmail.com, © 2020 Forbes Media LLC. Record-breaking prices paid at auction have much broader economic consequences: when a van Gogh sells for a record price, all van Gogh collectors mark up their personal asset value. The evening had already seen the record paid online for an artwork smashed twice. Opinions expressed by Forbes Contributors are their own. Duveen convinced American millionaires to buy sweet paintings evocative of British privilege: Romney’s “The Misses Beckford” and Lawrence’s “Pinkie” both set records in this era—and these records are the wholesale prices paid by Duveen before he resells them. Why is art so important to wealthy households? ". De Peverelli said most of the due diligence required has not changed and can be done remotely anyway. The decades around 1900 are a period of global financial and economic market integration and vast shifts in world population. There she headed twice-yearly midseason American Art sales, breaking previous records for the highest ever sales in the category, and setting new world auction records for a multitude of artists. Underlining the scale of the change, online art sales had for several years stubbornly remained around 10% of the total art market, even as digital has grown to dominate auctions in other areas. It is a time when nouveaux riches buy culture—the taste and trappings of the Old World—through internationally-operating dealers. Christophe Spaenjers, William N. Goetzmann and Elena Mamonova

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