Einspach told the audience that external factors have had little negative effect on the art market. Prices have risen continuously for more than a decade, and they have jumped in the past several years, especially as collectors from Russia, China and India enter the market.
Paintings continue to account for about three-fourths of the art market, though big changes have been seen in the balance of supply and demand. The old masters have all but disappeared from the international art market, while works by post-war and contemporary painters are demanding higher and higher prices, Einspach said.
Last year, works by the American Pop Art icon Andy Warhol were the most sought after, and collectors paid a combined USD 420 million for them. In contrast, works by the French Impressionist master Claude Monet fetched just USD 165 million, Einspach said, though he conceded few Monet works come onto the market these days.
The biggest price rises have been seen for works by the London School, contemporary Chinese art and contemporary Indian art, Einspach said. Photographs have also gained a new prestige, as seen in prices at auction. A photograph by the Hungarian born André Kertész fetched USD 2 million recently, and it is not rare for photographs to go for USD 2-3 million. Even graffiti and street art has found its spot on the international art scene, with the best pieces selling at auction for as much as several hundred thousand dollars.
Photo: firstrung.co.uk
