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Philip MCCRACKEN (1928)

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Updated 10/25/2014: Philip MCCRACKEN is an artist born in 1928

ArtMarketInsight

In many respects Contemporary art has become a new Eldorado for investors wealthy and a source of trophy acquisitions for wealthy collectors around the globe. In less than 20 years the values of certain contemporary artworks have increased by multiples of 5 to 40 times. Some examples of this kind of inflation were visible at the recent “Essl” sale in London.
Every fortnight, Artprice provides a short round up of art market news: FIAC is back - Staying with Paris – the FIAC fringe - Paul-Durand Ruel: an art dealer in Paris
$23.5 million for the canvas Apocalypse Now in November 2013 and $21 million for If You in May 2014, Christopher WOOL is today one of the essential signatures in Contemporary art sales, on the same level as Jeff KOONS and Gerhard RICHTER.
New York’s prestige sales of Post-War & Contemporary Art on May 13 and 14 generated more than a billion dollars. Christie’s largely overshot its estimates with remarkably strong results.
For Christie’s and Sotheby’s, the May sales represent one of the high points of the calendar year. The two market giants generate at least $500 million in two days of sales and usually post increasingly spectacular auction records. In May 2012, their prestige Contemporary Art sales generated $578.3 million from 102 adjudications – a new record at the time – but quickly buried the following year when the two companies’ combined turnover from the same sales reached $691.7 million, with the

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