Over the past week,
events in the art world suggested continued opportunity for economic
development and financial security through the market.
In economic
development, Sotheby's, for the first time, held an auction in China, China
Guardian Auction House expanded into Hong Kong, and reportedly, White Cube will
open a new gallery in Sao Paulo, Brazil in December. In India, new money in
Gurgaon reportedly has developed the art market over the past few years. In the
United States, Art Platform Los Angeles, for its second year, switched from a
local focus to welcoming interest from around the world, and Expo Chicago
reportedly, had a successful first year.
In financial
security, auction houses in China were honored for good practices in the midst
of regulation of the art market, and international sales reports indicated
confidence in art as an investment. The Christian Science Monitor published a
short article on continued worldwide interest of the wealthy in bidding up the
value of masterpieces, and Artdaily.org ran a piece that listed top bids for
masterpieces in a series of sales at Koller Auctions, Zurich in September.
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