Wednesday, December 31, 2014

Billionaires Chasing Warhols

Warhol self-porttrait

Fueled with Fed printed money, Andy Warhol was the top-selling artist at auction in 2015.

Collectors bought 1,295 works by the deceased artist totaling $653.2 million, ahead of sales for Pablo Picasso and Francis Bacon, according to preliminary figures by New York-based researcher Artnet. Auctions worldwide rose 10 percent to $16 billion.

Art sales have more than doubled from $6.3 billion in 2009, as surging financial markets lifted the fortunes of the world’s richest. The top 400 billionaires added $92 billion in wealth this year, for a net worth of $4.1 trillion as of Dec. 29, according to the Bloomberg Billionaires Index.

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