What is an auction of contemporary art?

The modern art world is changing. Just visit a contemporary art auction for a clue. Unknown artists find the value of their works within a fourfold year. Chinese and Indian artists are finding a wider audience, and wealthy patrons of the arts are not just paying thousands - who are paying millions of people.

Traditionally, the old works of an artist has collected the highest bids and requests more frantic. However, painters such as Brice Marden are changing the status quo with a whole set of newly sought after work.

The top 10 contemporary artists, whose works sold for over $ 5 million at auction, are the following: Lucian Freud, Jasper Johns, Jeff Koons, Brice Marden, Bruce Nauman, Robert Rauschenberg, Gerhard Richter, Richard Serra, Frank Stella and Cy Twombly. Other artists ($ 1 - $ 4 million range) to look out for are: Chuck Close, David Hockney, Ellsworth Kelly, Anselm Kiefer, Claes Oldenburg, Robert Ryman, and Wayne Thiebaud.

Jasper Johns, one of the highest paid modern artists, I can not keep up with demand. Paints two projects each month (which will be sold at not less than $ 1 million), but the waiting list is still long. Entertainment giant David Geffen has paid $ 40 million for "gray numbers" a few years ago and the Metropolitan Museum of Art in New York City would pay more than $ 20 million for "White Flag".

Touch of color paintings of John American themes - with lots of flags, maps and goals - with subtle messages that affect every viewer differently. If a collector is lucky enough to find a Jasper Johns in an art auction house, then you can not say how much you sell for.

One can not help but wonder what is the clear trend toward modern art? Most buyers (42%) at an auction of contemporary art at Sotheby continue to be European, with the United States in the final 19%, and Asia / Middle East sales to 12%.

It seems that the high price of the pound hurts more than many Americans the credit crisis, but the London auction weekend has seen much progress to interested buyers in India and China in search of a piece of cultural heritage. For example, two bidders fought Yue Minjun "Running" for six minutes, which finally sold for a record $ 2.93 million. Similarly, one of the paintings of Putu Sutawijaya ("Silent Road") sold for $ 350,000 (11 times its estimated price) at Borobudur Auction!

The art world is changing from the traditional swanky event, complete with wine, cheese and trendy clothing - one of sitting behind the computer screen, your credit card in hand. While it may seem impersonal to some, it is beneficial to others who have the ability to jump between sites, control of fair prices for the particular work they have got their eye. After browsing online catalogs, art lovers can get a good idea of ​​what is available in up-to-date market and then make the best purchase after an auction of contemporary art .......