New York's Auction Houses Set Dizzying New Records for Contemporary Art
Fierce bidding on living artists has pushed prices to historic highs, cementing the city's grip on the top of the market.
New York's auction houses are once again the stage for eye-watering sums. Fierce bidding on work by living artists has pushed prices to historic highs this season, reaffirming the city's dominance at the top of the global art market.
The marquee sales drew collectors and dealers from around the world, with several lots smashing estimates. The fictional painter Amara Cole saw her work sell for a record that stunned even her gallery, catapulting her into the market's upper reaches.
Critics warn that the frenzy reflects speculation as much as connoisseurship, and that soaring prices can distort young artists' careers. But for now the gavel keeps falling on ever-larger numbers, and New York remains the room where the records are set.
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