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Contemporary art makes a comeback at recent auction

on Tuesday,November 09,2010 20:11

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Contemporary art was popular when artists like Andy Warhol were alive and well, and continues to remain popular among collectors today. This was emphasized at a recent auction at Phillips de Pury & Company on Park Avenue on Monday when art enthusiasts vied to get their hands on contemporary originals.

Pieces by Andy Warhol, Felix Gonzalez-Torres and Rudolf Stingel all sold for record prices, the New York Times reports. This event was the first of many artist-organized exhibits Phillips plans to hold this year. The company plans to designate their new sales floor for artists to host their own auctions and exhibitions, as opposed to curators.

Philippe Ségalot was the host of this week's event. Although not all of the pieces were auctioned off, he saw promise in collectors' newfound willingness to buy.

"There were some fantastic prices," Ségalot told the news source. "Still I was disappointed three works didn't sell. Auctions are not a perfect science. I guess they're always unpredictable."

Art-related jobs are projected to increase by 12 percent over the next eight years, according to the U.S. Bureau of Labor Statistics.

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