Last Updated on 11/7/2006 by bidz

Open wallets of rich buyers drive prices into stratosphere

Tuesday, November 07, 2006
Stevenson Swanson

“NEW YORK – If you’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 aren’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.”

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