Tuesday, February 9, 2010

Art Rage - Giacometti

What do you think? Is it okay for this kind of money changing hands for art?

"The world's most expensive artwork, sold at auction last week for £65m, is by a sculptor who is considered rather unfashionable. He is certainly not ranked by critics as one of the half- dozen most important artists of the 20th century. Even more puzzling, the work is not unique, but is number two of an edition of six. Why did Giacometti's bleak stick figure of a man walking hit the jackpot?"

"The answer lies in the new cosy relationship between banks, billionaires and art. The global financial panic saw banks collapse, amalgamate and search for cash. Salerooms experienced a drop in profits as collectors held back – some didn't want to sell work in case it was undervalued, and many had cash-flow problems. Only the super-rich picked up bargains, as works regularly failed to make their reserve, and some dealers struggled to buy them back and prop up the market value of the artists they represent."

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