AMOUNT OF MONEY ART SELLS FOR IS SHOCKING
March 5th, 2015

Gerhard Richter, the world-famous German painter, has expressed his incredulity at the astronomical sums paid for his works, calling the art market “hopelessly excessive” and saying that prices are rarely a reflection on quality.

Richter, 83, told the German daily Die Zeit he had watched the outcome of a recent auction at Sotheby’s in London with horror after an anonymous buyer paid £30.4m (€41m, $46.5m) for his 1986 oil-on-canvas, Abstraktes Bild.

“The records keep being broken and every time my initial reaction is one of horror even if it’s actually welcome news. But there is something really shocking about the amount,” Richter said.

He said he believed people who paid so much money for his paintings were foolish and foresaw that prices for his art would crash “when the art market corrects itself”, as he was convinced it would…

Writes Kate Connolly in The Guardian

Link to the full article here / Link to The Guardian here



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