As the modern and contemporary art market continues into spring, confidence among buyers and sellers is increasing. Auctions in recent months have seen spectacular sales in modern and contemporary art. As an example, a recently rediscovered 6-by-6 foot Andy Warhol self-portrait doubled its pre-sale estimate to fetch $17.4 million at a London auction in February.
What this means is that art, is once again, becoming a chief investment as the difficult economic times appear to be improving. Concerns remain of course, but the recent months of great sales due to the emergence of wealthy collectors from Asia, the Middle East and South America has deepened the pool of buyers and therefore increased the demand.