“No one knows if we have reached a peak or if these prices are just going to keep going higher. They were quite astounding, really eye-popping numbers,” said Dorsey Waxter, president of the Art Dealers Association of America, who attended the sale.“There were works on paper that were considered just as valuable as those on canvas, which has never been the case,” she added.
This sale is a sign of tremendous frenzy and froth in the art industry right now. It’s obviously a bubble, and at some point it will burst, but for now the champagne corks are popping in the auction houses.In the meantime, industry experts will be curious about the broader economic trends driving this bubble. The FT ascribes some of these sales to the influx of foreign investment, but central bank easing policies in America and across the globe may be playing a part, driving nervous investors to put their cash in assets like gold or, in this case, art.[Painting image courtesy of Shutterstock]