Art Market Hopes to Profit from Profiteers

05.03.10 Marina Galperina

johnsLooks like the art market is looking up again, at least according to “experts” who point to another noticeable spike in the wealth of their target collectors – bank advisors and hedge fun managers. Those sorts usually have an appetite for big ticket items that Christie’s and Sotheby’s are hoping to unload at their upcoming auctions.

Christie’s will attempt to peddle a $90 million Picasso and $74.3 million of Michael Crichton art stash that includes a Jasper John’s flag. At Sotheby’s, Tom Ford is hoping to sell his Warhol “Self Portrait” for $25 million. You never know; it might match some big exec’s purple couch. |Reuters, Bloomberg|