Last Updated on 10/16/2005 by bidz

A rosy picture for art investing Business
Phyllis Furman | New York Daily News
Posted October 16, 2005

“NEW YORK — ‘Red Liz,’ Andy Warhol’s famous rendition of Elizabeth Taylor, just went for $12.6 million. A Jackson Pollock, ‘No. 8, 1950,’ fetched $52 million. And last year, auction house Sotheby’s broke all sales records when it sold Picasso’s ‘Boy with the Pipe’ for a whopping $104 million.

The art market is hot. Prices, especially in sizzling areas like contemporary works, are rising through the roof. Sotheby’s is reporting big sales gains. And investment banks, eager to reap profits from paintings, are launching numerous art investment funds.”

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