By Agustino Fontevecchia | Forbes
November 13, 2013
While the world is scratching its head as it tries to digest the $142 million price tag slapped on Francis Bacon’s “Three Studies of Lucian Freud” at Tuesday night’s post-war and contemporary auction in Christie’s New York headquarters, the writing appears to have been on the wall for quite some time. As the ultra-wealthy become even wealthier, the top-end of the art market, along with real estate and other luxury sectors, have experienced an incredible surge as cash is being channeled into alternative investments. Add the rarity of the piece, and the performance of the contemporary art market, and you have the recipe for a global record. Read full article on Forbes.com>>
