‘Everyone who has the money wants to get involved in art:’ More Loose Talk of $1bn Artworks

John Armleder Gold mosaic. 100X100cm. Collection privée New york. Galerie Andrea Caratsch

The Guardian talked to Frank Cohen and Nicolai Frahm who are going in together on a gallery space to do single-artist shows like the one featuring John Armleder that opens the new space. Excited by his new venture, Cohen gets a little carried away and Frahm finishes the wishful  thought.

Cohen believes there are now so many billionaires worldwide that it is only a matter of time before prices for a single contemporary work soar to $500m and beyond. “There’s not a million people out there that can buy these things, but enough to spend $100m and $200m for single works,” said Cohen.

Frahm predicted: “Very soon you’ll see a $500m-work and, in our lifetime, you’ll probably see a $1bn artwork. The reason is that there are [many] new buyers. Everyone who has the money wants to get involved in art. In London, where you used to have no collectors, it’s an incredible thing to see. So the prices will keep going up because there are very few great art pieces available.”

DIY billionaire turns dairy into gallery to rival Charles Saatchi’s (The Guardian)