The guardian | Coco Khan:
nother year, another record-breaking art auction. Just this month, Klimt’s Bauerngarten sold for £48m, making it the third most expensive painting ever to be sold in Europe. In 2016, a Picasso sold for £43.2m, the highest price ever paid for a Cubist work, and in 2015, Gerhart Richter’s Abstraktes Bild sold for £30.4m, a record for a living artist.
The global art industry, valued at $63.8bn (£51.6bn), is still dominated by bricks-and-mortar auction houses and private sales through galleries or dealers. But like many other industries it is diversifying, presenting a major opportunity for a new generation of “artrepreneurs”… Read more
Image: ‘Love is in the Air’ by Banksy, one of the artists now finding a new market. Photograph: Justin Tallis/AFP/Getty Images