Paintings by Gerhard Richter and Jean-Michel Basquiat will push the value of London arts sales next month through $200 million as sellers try to capitalize on growing demand for works by bankable contemporary artists.
Damien Hirst ’s medicine cabinets were unpacked from crates stamped “Fragile” at L & M Arts gallery in New York. Guided by precise instructions, eight assistants filled them with drug containers for today’s opening.
Jeff Koons, Lucian Freud and Gerhard Richter artworks will be among more than $500 million worth of contemporary pieces on offer this week at auctions and fairs in London. Dealers are hoping that demand holds up from billionaire buyers after stocks dived on worries about government debts.
London’s February series of evening contemporary-art auctions raised 56.2 percent more than last year, boosted by works by Francis Bacon and Andy Warhol , and phone bidding from a widening range of international clients.
An auction of works by India’s priciest modern artist, Francis Newton Souza , is expected to raise as much as 2.2 million pounds ($3.4 million) as dealers look for a recovery in the country’s art market.