When investors talk about the art of the trade they aren’t talking about oil on canvas. Or are they?
A sale at Sotheby’s , Wednesday, generated a total of $233.3 million, meeting auction house estimates. Meanwhile, a sale of contemporary art at Christies could fetch up to $390 million on May 13th. So, what’s the art of this trade?
I think you can look at Sotheby’s, says Guy Adami, but for a trade not long term.
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Amy Cappellazzo, International Co-Head Of Contemporary Art Christie's joins the panel for this conversation.
Who are your buyers?
Our buyers are completely global, replies Cappellazzo. They’re from new regions of the world, as well as the tried and true collectors here in the states.
Has weakness in the economy had any kind of impact on your business?
The markets fluctuate but we haven’t experienced any kind of correction, she replies.
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Following are some of the works coming up for sale and the prices at which Christie’s estimates they will sell.
-Mark Rothko's "No. 15", 1952 ($40 million)
-Francis Bacon, "3 Studies For Self Portrait", ($25 - $35 million)
-Lucian Freud, Benefits Supervisor Sleeping, 1995 ($25 - $35 million)
To see some of the paintings mentioned above please watch the video.
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