Lindsay Pollack’s auction preview for Bloomberg has a striking quote from the always voluble Amy Cappellazzo who underscores one of the important facts of Warhol market that also applies to other Contemporary stars like Hirst, Murakami and, even to an extent, Koons. The current contemporary art market is driven by ubiquity and repeatability of sales.
Warhol as usual dominates the contemporary sales, with 19 works in Sotheby’s and Christie’s evening sales. Will the market ever tire of Mr. Warhol? For now, the experts say no.
“Warhol is the volume trade,’’ said Cappellazzo. “The more it sells, the more people want it. It trades like currency.’’
Steve Wynn $40 Million Lichtenstein Flags Hope of Pickup in Auction Market (Bloomberg)
