The invasion of financiers in the art market, the introduction of art as investment, and the internet have altered the value system of works at auction, placing a new emphasis on the reassurance of well-known artists and established sales records. The new ethos can be see in in recent sales of Giacometti’s L’Homme qui march I,’ which sold for over £65 million at Sotheby’s, London in February 2010. The sculpture was an edition of six, with four additional ‘artist proofs.’ The existence of editions allows for direct price comparisons and understanding of the piece’s artistic standing.
Read more at Financial Times
Sotheby’s
