“Despite (or perhaps because of) the stock market’s nearly 400-point plunge, on Wednesday night collectors raced to put their available cash — and lots of it — into art.
Sotheby’s evening sale, the last of the week’s three big-money evening auctions, achieved the company’s third-highest total for a contemporary art sale ever (the highest was in May 2008). It brought record prices for Abstract canvases by Clyfford Still and Gerhard Richter.
“There is a flight out of cash into what is called art,” Richard Feigen, a Manhattan dealer, said after the sale.
The sale totaled $315.8 million, well above its high $270 million estimate. The evening eclipsed Christie’s auction on Tuesday night, where $247.6 million was spent and where Pop Art — works by Lichtenstein and Warhol — reigned. Of the 73 lots for sale at Sotheby’s, 11 went unsold.”
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