{"id":1939,"date":"2014-07-08T08:49:30","date_gmt":"2014-07-08T15:49:30","guid":{"rendered":"http:\/\/www.artsjournal.com\/culturecrash\/?p=1939"},"modified":"2014-07-08T08:52:21","modified_gmt":"2014-07-08T15:52:21","slug":"art-for-the-uber-rich","status":"publish","type":"post","link":"https:\/\/www.artsjournal.com\/culturecrash\/2014\/07\/art-for-the-uber-rich.html","title":{"rendered":"Art for the Uber-rich"},"content":{"rendered":"<p>[contextly_auto_sidebar id=&#8221;9cukHwn37jIza9qSYJkcWoPfxa124uvq&#8221;]<\/p>\n<p>DESPITE the struggles of many visual artists, not to mention the stagnant middle class in the Anglo-American world, art&#8217;s auction market continues to boom. The latest <a title=\"London auction market\" href=\"http:\/\/www.nytimes.com\/2014\/07\/07\/arts\/international\/london-auctions-cap-a-go-go-season.html?ref=international&amp;_r=0\" target=\"_blank\">story<\/a> from the New York Times, on the London auction season, has some interesting details.<\/p>\n<blockquote><p>\u201cThe sleepy days of collecting are over,\u201d said Amy Cappellazzo, the co-founder of the New York-based Art Agency, Partners, who was in London bidding on works by Lucio Fontana and Roy Lichtenstein on behalf of clients she advises. \u201cThe wealthiest of the wealthy now view art as an alternative currency. It\u2019s become a very big business.\u201d<\/p><\/blockquote>\n<p>There are apparently something like 36,000 artists in the international auction market for contemporary art. W<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-1940\" src=\"https:\/\/www.artsjournal.com\/culturecrash\/wp-content\/uploads\/2014\/07\/350px-Three_Studies_for_Figures_at_the_Base_of_a_Crucifixion-300x132.jpg\" alt=\"350px-Three_Studies_for_Figures_at_the_Base_of_a_Crucifixion\" width=\"300\" height=\"132\" srcset=\"https:\/\/www.artsjournal.com\/culturecrash\/wp-content\/uploads\/2014\/07\/350px-Three_Studies_for_Figures_at_the_Base_of_a_Crucifixion-300x132.jpg 300w, https:\/\/www.artsjournal.com\/culturecrash\/wp-content\/uploads\/2014\/07\/350px-Three_Studies_for_Figures_at_the_Base_of_a_Crucifixion.jpg 350w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>e see a winner-take-all economy &#8211; not unlike the larger US or British economies &#8212; taking shape:<\/p>\n<blockquote><p>Anders Petterson, the founder and managing director for the London-based analysts ArtTactic, said in an email that the 10 most expensive artists accounted for 73 percent of the \u00a3192.6 million aggregate total achieved at Sotheby\u2019s and Christie\u2019s evening sales.<\/p><\/blockquote>\n<p>It&#8217;s true not just of high yielding artists like the late Francis Bacon (whose work is pictured), but of the people buying, too. &#8220;In other words,&#8221; writes Times scribe Scott Reyburn, &#8220;despite all the media reports devoted to the relentless growth of the art market, that night at Christie\u2019s it remained the preserve of the 0.1 percent of the 0.1 percent.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[contextly_auto_sidebar id=&#8221;9cukHwn37jIza9qSYJkcWoPfxa124uvq&#8221;] DESPITE the struggles of many visual artists, not to mention the stagnant middle class in the Anglo-American world, art&#8217;s auction market continues to boom. The latest story from the New York Times, on the London auction season, has some interesting details. \u201cThe sleepy days of collecting are over,\u201d said Amy Cappellazzo, the co-founder [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[70,88,589,631,627],"tags":[],"class_list":{"0":"post-1939","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-art","7":"category-brit-culture","8":"category-economy","9":"category-plutocracy","10":"category-winner-take-all","11":"entry","12":"has-post-thumbnail"},"_links":{"self":[{"href":"https:\/\/www.artsjournal.com\/culturecrash\/wp-json\/wp\/v2\/posts\/1939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.artsjournal.com\/culturecrash\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.artsjournal.com\/culturecrash\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.artsjournal.com\/culturecrash\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.artsjournal.com\/culturecrash\/wp-json\/wp\/v2\/comments?post=1939"}],"version-history":[{"count":0,"href":"https:\/\/www.artsjournal.com\/culturecrash\/wp-json\/wp\/v2\/posts\/1939\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.artsjournal.com\/culturecrash\/wp-json\/wp\/v2\/media?parent=1939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.artsjournal.com\/culturecrash\/wp-json\/wp\/v2\/categories?post=1939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.artsjournal.com\/culturecrash\/wp-json\/wp\/v2\/tags?post=1939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}