As the Occupy Wall Street movement marks its two-month anniversary today by taking to the streets and clashing with police at Zucotti Park, you might be wondering what the super-rich have been up to. It turns out they have been shopping for contemporary art, desperately, as a matter of fact, in search of "tangible" assets in which to store their wealth. Remember, Europe is financially imploding while the 99% revolt, so art, especially art with museum-backed credentials has become very attractive. Massive, graphic, and highly recognizable works, like those on sale at Christie's last Tuesday are hard to misplace like the $600 million that still has not turned up at MF Global.
Two dog- themed pieces were among the lots last week at Christie's. Christopher Wool's 1992 43 x 30" enamel on aluminum panel, Want to Be Your Dog, sold for $1.53 million. Seriously.
That made the final price realized for Yoshitomo Nara's Dogs from Your Childhood at $422, 500 look like a bargain.
If you read this blog regularly you know I am passionate about contemporary art, especially dog art. And million dollar price tags for dog art is thrilling to me. But, reading Souren Melikian's NY Times article on Christie's sale entitled "The Fever Bubbling on Contemporary Art Sales" left me a little queasy. Like 18th-century-July-in-Paris-let-them-buy-dog-art queasy. Thoughts?
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