In the frame: Art becomes an asset
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In the frame: Art becomes an asset

In the frame: Art becomes an asset
With the number of paintings being sold for millions of dollars at the Frieze Masters art fair in London, experts from the field are coming out with interesting assumptions. Some experts are of the view that though the demand for fine art might be thriving, but the art pieces which grab the attention are the ones which are the priciest. Clare McAndrew from Dublin based Arts Economics points out that the interest in the top category art pieces has intensified to the extent that dealers are finding it difficult to sell those art pieces which are ranked low in terms of price. A polarization has been created in the market and the dealers are finding it easy to sell the art pieces which fall in higher price bracket. The competition between a highly ranked and an average art piece is so intense that selling art pieces over $1 million dollar is easier as compared to selling one that costs $100,000. The interest level of the buyers can be gauged from the fact that a work by Brueghel the Younger has been reserved for a base price of $9.6 million. The exhibition and sale turned out to be a treasure house for the art enthusiasts. A painting of Picasso and de Koonings sold for around $8 millions. An art piece by Basquiat was sold for $1 million. Knight Frank’s 2013 “Wealth Report” too has some consoling news for the art lovers. According to the report fine art is considered to be most popular investment. Those with net asset of over $30 million consider this to be an ideal mode of investment. This is perhaps one of the reasons for the intense boom in the art market but no one seems to complaint.
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