BRITISH ART AUCTIONS SET TO SEE BIG MONEY COMING FROM EMERGING MARKETS

Jan 30, 2014

By Michael Kramer

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Next week’s sales at Sotheby’s and Christie’s in London are expected to generate at least $658 million, as the highest-end art market leaves the global financial crisis behind.

Emerging market buyers, including from China are helping to drive art prices to new highs.

In sales of Impressionist, Modern and Surrealist art, Christie’s is auctioning Pablo Picasso’s “Woman in a Turkish Costume” estimated at over $30 Million.

Over at Sotheby’s, sales include Vincent Van Gogh’s “Man is at Sea” and Lucian Freud’s portrait “Head on a Green Sofa.”

Several of the most valuable works are red, a colour Sotheby’s says is favoured by some Asian collectors.

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