Warhol work boosts London sale
Thu 1 July 2010
With the sale of artwork increasing after the recession, insurers are reminding homeowners to seek proper high value
art insurance for their purchases.
Earlier this week, a sale at Christie’s International in London reached a higher total than expected: £45.6m over a predicted low estimate of £40.9m*.
84% of the works were sold, including pieces by Andy Warhol and Jeff Koons. Warhol’s 1963 silkscreen “Liz” was bought for £6.8m by a telephone bidder.
A Christie’s sale at this point last year brought in £19m, highlighting the growth in the market since the financial crisis.
Francis Outred, Christie’s European head of contemporary art said: “We had interest from right across the globe. Whatever is going on, people want to buy art.”
Most of the lots were bought by European bidders (58%), followed by the U.S. (33%), Asia (4%), and other regions (5%).
Art is being acquired globally for investment as well as enjoyment. Regardless of the reason of purchase, works of art should be covered under an
art insurance policy to ensure they are protected in the case of theft or damage.
*Source: Bloomberg, at http://www.bloomberg.com/news/2010-07-01/warhol-sells-koons-painting-sets-record-in-68-2-million-sale.html