Self-portraits by Andy Warhol and Jean-Michel Basquiat will star in contemporary-art auctions in London set to raise at least 72.5 million pounds ($116 million).<\/p>\n
Sotheby\u2019s, Christie\u2019s International and Phillips de Pury & Co.\u2019s sales come as contemporary-art dealers look for price rises. Worldwide auctions slumped more than 50 percent in 2009. The once-booming market is still recovering, according to the French-based data company Artprice.<\/p>\n
\u201cThings were bad in 2009,\u201d said Anders Petterson, founder of the London-based analysts ArtTactic. \u201cSales were solid and robust in 2010. The question is whether growth will continue in 2011 or flatten out.\u201d<\/p>\n
In November in New York, the three auction houses\u2019 evening sales raised $553 million. The total was just 17 percent lower than in May 2008, when the contemporary-art boom was at its height, ArtTactic said in its latest confidence survey.<\/p>\n
The 1967 Warhol has been in a U.S. private collection since 1974 and is estimated to sell for as much as 5 million pounds at Christie\u2019s on Feb. 16. Christie\u2019s auction of 64 lots may raise as much as 51.9 million pounds.<\/p>\n
Phillips\u2019s Feb. 17 auction has 29 lots that are estimated to make at least 5.8 million pounds. Basquiat\u2019s 1985 painting \u201cOverrun,\u201d showing a stylized self-portrait in a graffiti- scrawled urban landscape, has a top estimate of 1.5 million pounds.<\/p>\n
Written by Scott Reyburn<\/p>\n
Original article found here<\/a><\/p>\n Source: Self-portraits by Andy Warhol and Jean-Michel Basquiat will star in contemporary-art auctions in London set to raise at least 72.5 million pounds ($116 million). Sotheby\u2019s, Christie\u2019s International and Phillips de Pury & Co.\u2019s sales come as contemporary-art dealers look for … Continue reading
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