Sotheby’s sale of Contemporary Turkish art in London had this star lot Nejad Melih Devrim’s Abstract Composition sell well above the initial estimates of £250-350k at £735,650. The rest of the sale made £1,531,175
A Turkish news outlet recognizes the size of the country’s new art market:
Citing a joint report prepared by two international art industry magazines, the French Art Actuel and Turkish Artist Modern, the Anatolia news agency said the growth in the market was due to a rise in the number of art auctions and galleries during the past 10 years and their influence on buyers.
The report said that while total sales in the Turkish art market in 2001 were $5 million, this figure has grown 20-fold in the past nine years to reach $105 million. The magazines, citing results from research they conducted jointly, state in their report that Turkey is now “among the top 10 countries around the world in contemporary art sales.”
Turksih Art Market Grows 20x in 9 yrs (Today’s Zaman)