Art News

New Art Auction Record May Not be End, Experts Predict

LONDON (REUTERS).- A Giacometti statue smashed the art auction record at Sotheby’s late Wednesday, and, surreal though a price tag of $104.3 million may seem, experts predict there may be even higher numbers to come. “You only need two individuals to take something to $104 million or more,” said Philip Hoffman, founder of the Fine Art Fund Group which counts more than a dozen billionaires among its clients. “I am confident we will break $104 million in the next couple of years,” he told Reuters. Whatever happens to the broader economy, there will always be super-wealthy individuals who look at the art world either as a passionate collector or a shrewd investor or both. And there are institutions and even governments in the market for rare