Last Updated on 11/7/2006 by bidz
Tuesday, November 07, 2006
“NEW YORK – If youâ€™re an art dealer or an auction-house executive, happy days are here again.
The global art market is booming with big sales and record prices. Russian oligarchs, Indian entrepreneurs, Chinese businessmen and American hedge-fund multimillionaires are spending huge amounts of their new wealth on paintings and sculpture.
…But American and European artists arenâ€™t the only ones in demand these days. Reflecting their newfound wealth in oil, high technology and manufacturing, Russian, Indian and Chinese collectors are making a splash. New York gallery owner Michael Goedhuis says his specialty, contemporary Chinese art, is “scorching hot,” with prices up 300 percent in the past 18 months.”