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How Large Is the Market for a $30m Work of Art? 180 Potential Buyers

December 13, 2013 by Marion Maneker

Brett Gorvy

While in Miami for Art Basel, the man who runs the Contemporary art department for Christie’s did more than take a victory lap for last month’s auctions. He did a little back of the envelope calculation to show why buying pressure remains in the market for some time to come:

Brett Gorvy, head of contemporary art at Christie’s, who made ​​the trip to Miami, these results are not the result of a speculative bubble. ”  There are about 180 people with a budget of $ 30 million or more to spend on contemporary art. They are young. They have recently made ​​fortunes. They have large cash. They want the best of contemporary art.  “

What Gorvy means is that any given $30m work of art has a potential bidder from a broader pool of collectors — approximately 180 — who are ready to spend $30m on the right work of art.

[The quote above is translated from French so it won’t sound exactly like Gorvy who is unlikely to describe his clients as having “large cash.”]

The euphoria of Art Basel Miami, Art Market.

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Filed Under: Collectors

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