Word: ares
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Dates: during 1970-1979
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To some critics, the auction houses' success is excessive. While no one blames them for dizzy prices-they are not their bidders' keepers-even dealers who are making wild profits as a result of the art boom evince a certain distaste for the whole process. London's...
A far more controversial move was made by Sotheby's last summer. The company announced that it had entered into an agreement with Citibank, the second largest banking organization in the U.S., to assist the bank's millionaire clients in acquiring artworks for investment. Though Sotheby's...
Pivar, who already owns canvases by Dante Gabriel Rossetti, Bouguereau and Burne-Jones, is constantly expanding his collection, which is already far too large to display in his cavernous two-story bachelor apartment off Manhattan's Central Park. He concedes that his paintings of diabolic winged creatures, furiously driven...
There are some kinds of success, the painter Edgar Degas once remarked, that are indistinguishable from panic. So it seems with the present boom in the art market. For the past 15 years or so, collectors, dealers, auction houses and their willing accomplices, journalists, have been moved to pleasure, then...
But what, exactly, does it mean? On the most obvious level, it means what everyone knows: that money is losing value. But it also means that we are in the grip of a wave similar to what, in 17th century Holland, was known as the Tulip Mania. The tulip was...