Art for the masses

Collecting fine art is still a preserve of the wealthy but the market is bigger than ever thanks to globalisation and the internet.
Chu Teh-Chun's Sereines Clartés
Chu Teh-Chun's Sereines Clartés

Art has gone global, gathering momentum as the ultra-rich flit from auctions to art fairs on every continent in search of the next big thing.

After the dip in sales during the 2008 to 2010 period of the financial crisis, art sales have been booming. Artists, live and dead, are earning more than ever. Anders Petterson of London analysts ArtTactic has pointed out that the 10 most expensive artists accounted for 73% of the $330.4 million total achieved at the two biggest auction houses this year.

Names such as Andy Warhol, Jeff Koons, Pablo Picasso, Francis Bacon, Lucien Freud and Damien Hirst continue to attract frantic...

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