Sumary of From crypto to COVID: Why auction prices are rocketing:
- By Hugues Hnore and Eric Randolph PARIS, France—From Albert Einstein’s notes to a record-breaking Frida Kahlo to a 6.6-million-euro triceratops—auction houses have lately seen a string of record-breaking items going under the hammer and through the roof.
- That came just days after a storyboard for the failed 1970s film version of “Dune” sparked a bidding war that pushed the price 100 times above the valuation to 2.7 million euros.
- AFP Market watcher Artprice credits a transition to online sales for sparking new levels of interest, particularly in the US and Asia.
- But COVID forced them to modernize and the result is that online sales have been spectacular and have attracted a new audience,” said Artprice founder Thierry Ehrmann.
- With stock markets soaring in the pandemic, the rich got significantly richer, while struggling to find ways to spend it.
- “At a time when many art fairs can’t happen in person and online viewing rooms are awful, auctions have become a predominant form of selling,” Anna Brady, art markets reporter for The Arts Newspaper, said on its podcast.
- Sun then triggered a lot of harrumphing among stuffed shirts of the art world by boasting about his purchase on Twitter—breaching their traditional codes of secrecy and discretion in a way that suggests an even more competitive market to come.
- It’s a question that’s been raised before, especially in the 1980s when the art market looked in danger of overheating under the pressure of a new generation of yuppies trying to flash their cash.