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Could Museums Become Victims of the Booming Art Market?

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Could Museums Become Victims of the Booming Art Market?

The art market continued its upward climb last week with unprecedented results at the New York auctions. But when Jasper Johns's Flag (1983) makes a record $36 million at Sotheby's (see "Rothko Reels In $45 Million at Sotheby's $343.6 Million Contemporary Evening Sale") or Peter Doig's Pine House (Rooms for Rent) (1994) fetches $18 million (also a record), at Christie's (see "Epic Christie's $852.9 Million Blockbuster Contemporary Art Sale Is the Highest Ever"), it may not necessarily be good news for all. In a recent interview with German magazine Monopol, Allianz's art insurance chief Georg von Gumppenberg suggests that the ever-rising art market is putting a damper on the quality of art most museums are able to show.
“Why?” you may ask. The answer is: insurance costs.

 


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