Money talk

At least one market posted strong results in November. That was the market for contemporary art. In just four days in New York — 7 to 10 November — a phenomenal $775 million was spent on postwar and contemporary art at auction alone (who knows what deals were transacted privately). Sotheby’s evening sale exceeded its expectations by more than $45 million. Here, a real market rarity, a magnificent painting by the American Abstract Expressionist Clyfford Still, fetched a mighty $61.7 million. Some 45 works sold for over $1 million; seven sold for more than $10 million. Good news, one might say — but only up to a point.

It is a sign of the times that the flow of funds that has been diverted into the contemporary art market over the past two decades has turned into a flood. What was once — in commercial terms — a relative backwater has become the chosen vehicle for global financial speculation.