An article in The Economist this week revisits the frequently noted boom in the art market, taking an extended perspective on the practices of private sales, institutional investment and consulting over the past thirty years.  “People buy art when they’re confident about their future wealth,” says economist Clare McAndrew. (more…)

The New York Times notes an increased in interest in the art market this season from investors and speculators, leading to committed buyers for nearly half the works up for sale at both Sotheby’s and Christie’s.  The article also notes an increasing trend in speculating on guaranteed sales, as collectors and investors promise the estimate in an attempt to either go home with the work or make sizable profits off fervent bidding.  “It’s a win-win situation,” says Abdallah Chatila, a collector who is guaranteeing two works at Christie’s next week. “I really want both works, and if they sell for more than the guarantee it can also be very lucrative.” (more…)

As the art market continues to see record highs at auctions each season, many collectors are digging deeper into the history books to find historically significant artists that may command a high price at auction. “Whether the artists are old, dead or overlooked, people are turning over all the stones,” says Wendy Cromwell of Cromwell Art LLC and president of the Association of Professional Art Advisors. “It’s a function of a global market. Dealers have to have new material all the time.” (more…)

The New York Times takes a look at the contemporary art market, and the purported bubble many dealers and analysts have pointed to over the sale of blockbuster works by Koons, Richter and Warhol, among others.  But the article also hears out dealers who maintain that the market has never been stronger.  “Things are different now,” says art advsor Allan Schwartzman. “There’s a momentum in the market that’s dictated by the top players. It’s trophy-driven. There are often six competitors for the major lots at auctions, which indicates to me there isn’t a bubble. Contemporary art has never been supported like this before.”   (more…)

An article in Bloomberg this week traces the current speculation over young artists and the art market, detailing the increasingly seen practice of flipping young artists quickly after purchasing them.  Of particular note are the works of artists Lucien Smith and Oscar Murillo, whose works have seen increase of more than 3,000% in two years. (more…)

The 27 year-old, Columbian-born Oscar Murillo is the focus of a spotlight in Bloomberg, detailing his recent addition to the David Zwirner roster, and the quickly rising prices for his works.  “He’s had the quickest upward trajectory for his age of any artist I’ve seen in 25 years,” said dealer and writer Kenny Schachter. “There’s a lot of money to be made trading Oscar Murillo at this point.” (more…)

The New York Times reports on the impacts of a globalized art market, and the near constant travel to China, Southeast Asia, Europe and elsewhere to cater to any number of growing markets.  With the massive increase in art fairs from 4 major events during the 1970’s to today’s 180 fairs worldwide, gallerists are feeling the pressure to be everywhere at once, a feeling that many feel detracts from the act of buying or selling works of art.  “Fairs are beneath the dignity of art,” says Arne Glimcher of Pace. “To stand there in a booth and hawk your wares — it is just not how you sell art.” (more…)

Following the week’s record-setting contemporary art auctions, CNBC analysts weighed in on the current setting of the contemporary art market, criticizing the easy classification of the market as a bubble set to burst, and noting the ongoing theme of art market commentary asserting a link between money laundering and the increasing speculation on the art market. (more…)