The impressive wealth of Qatar, the small Persian Gulf nation, is fundamentally affecting the current art market, the New York Times reports.  Collectors from the oil-rich state have spent astronomical sums on works in the past years, including $70 million for a Mark Rothko canvas, and $20 million for a Damien Hirst pill case.  At the center of this buying glut is Sheika al Mayassa bint Hamad bin Khalifa al-Thani, the head of the Qatar Museums Authority and sister to the nation’s emir. “They’re the most important buyers of art in the market today,” said Patricia G. Hambrecht of Phillips. “The amount of money being spent is mind-boggling.”

Read more at The New York Times

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