Reflecting the ongoing prominence of American postwar art on the global market, Andy Warhol was recently determined to be the highest selling artist at auction for 2012.  With sales topping $380.3 million last year, Warhol has supplanted Chinese painter Zhang Daqian at the top of the list.  German painter Gerhard Richter was also named the highest selling living artist.  “The market is selective and concentrated on works by certain artists. The instant recognizability of masterpieces by Warhol and Richter makes them well suited to performing well.” Says Jonathan P. Binstock, senior adviser at Citi Private Bank Art Advisory & Finance. (more…)

‪Sotheby’s Hong Kong files suit for $15 million for amounts due from auction and correspondingly publishes the names of those who have not yet paid [AO Newslink]

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‪‬Chinese artist Zhang Daqian tops auction market at $507 million, on top of Warhol and Picasso. Regarding Chinese artists, “They are on top because China is the No. 1 country at auction and the Chinese are buying their own artists,” says Artprice economist Martin Bremond [AO Newslink]

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