Archive for September 29th, 2007
A growing asset class
Art as an investment has never looked as good. Recently, the highest in European art sales was recorded: Christie’s sold 63 Impressionist and modern paintings and sculptures in two hours for an aggregate $240 million. Interestingly, European bidding comprised 78 percent of the total old, American bidding comprised 21 percent and one percent came from Asia. Claude Monet’s Waterloo Bridge, Temps Couvert (Water-loo Bridge under a Cloudy Sky) was sold for $36 million, the highest bid amount. The price was more than double the estimated amount – $12 million to $16 million – in the catalogue.
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