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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