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Breakingviews: NY's modern art bonanza

Friday, November 14, 2014 - 02:57

Antony Currie and Richard Beales discuss this week's record $853 mln auction of contemporary works by Christie's – and explain how EU rules have helped shift the market to the Big Apple.

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But Crist is just senator oracle this week 853. Million dollars race and setting. Contemporary obviously it's still option including such. Some people questionable jams as triple Elvis and the orange believing monkey looking up phone on my answer it's a jet. Now Richards even looking at some visits is Chris is on the issue and how we have been doing what does this this record sales tell us if anything about the job market and the two contestants. Well I mean his thing it's another but yet a another record for contemporary that's the hope this net degree has been for company is it's a favorite of hedge fund manages. And other collectors of the moment you know Andy Warhol tick and yes some dead. Petty recently some living yet. Still this is the whole area but really it's pretty amazing so that. On this trajectory we could soon have a 1000000000 dollar campus until evening billion dollars sounds that's quite remarkable and think about it now at Christie's facilities different question. Christie's has got the edge in this market that's one reason Sotheby's. Has come under fire from activists invested download. Is because it makes such a difference this is the new used to be. Backed candidate when he is an impressionist was that he had nothing and that was when the fight was because that's when the big books what now it's contemporary on at Sotheby's sale. This week was 350. Awed three and forty don't million dollars which is just a fraction. Me it sounds good to get writes a fraction compared to Chris is on the other hand it's so much better than marks being let's being achieved. Favoring Europe the UK have a certain embryo recently at what thirteen million pounds yes and the gravity of that market is definitely shifted to the US open time that the UK's says. All of that as selling to do is win. Artists from punitive pin a lot of to the biggest selling officer American lives and with a buzz had feminism mention the candidate that there's another. Angle to that which is regulations in Europe way. You know this is kind of summing it grew at a French and German. Issues within the use right at the French have lower had regulations about. The Vigo system works that the soles yeah even though by then but by somebody imported from them to some video of all these stately ought to still get to cut of that. The EU has regularly put in a regulation. Nearly ten is again now. That has some of a similar effect of that so that means that if you go to Bigelow. You probably sell it you'll rather than the UK right as this they Levy like. That you would. But if you just look at what's happened he came that there is that they check the markets on the way down and possible obvious threat. Yes that's right so the as they say that senator is that each of the US both in absolute numbers and look at tonight. I Richard thanks talking us through that I'm gonna save button someone messy desk is a piece of mark not saying should get twenty maybe even thirty cents for a but will be back with more breaking he's next week.

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Breakingviews: NY's modern art bonanza

Friday, November 14, 2014 - 02:57