How (and Why) to Buy In to High-End Art
BOSTON ( MainStreet) -- The high-end art market deserves a real shout-out these days -- and not just because Edvard Munch's iconic painting The Scream sold at auction last month for a record $120 million.
Three of the four pieces that have fetched $100 million or more in auction history have gone under the gavel in the past two years. In fact, 11 of the 20 highest-priced auction sales on record have taken place since the Great Recession began in earnest in 2008.
Edvard Munch's The Scream is auctioned at New York City's Sotheby's in May, ultimately selling for more than $119 million.
"At the high end, prices are very strong," says Scot Levitt, director of fine arts for auction house
Bonhams. "Rarity is driving this primarily,
That certainly proved true when Sotheby's auctioned off the only one of four versions of " The Scream still owned by a private collector rather than a museum. An unidentified buyer paid $119.9 million for the 1895 painting, crushing the previous auction record of $106.5 million paid in 2010 for Picasso's Nude, Green Leaves and Bust."I'm surprised
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV