The spring sales of modern and contemporary art often arrive in May with a steady drumroll of paintings whose estimates soar above $50 million — a sign of confidence in the industry’s roster of ultrawealthy collectors who trade them like financial assets. Now that drumroll sounds like rain’s pitter-patter as …
When art works fetch spectacular auction prices, like the record $450.3 million for Leonardo da Vinci’s “Salvator Mundi” in 2017, the world’s focus turns for a moment to the arcane goings-on of the international art trade. But with the market in a downturn for the last two years, there have …
However, the general public’s distaste of NFTs hasn’t stopped the art industry from embracing them. In 2021, Christie’s auction house made history with the $69 million sale of Beeple’s “Everydays” collage. Since then, the storied company has expanded further into the realm of crypto, including countless NFT auctions, investments in …