The art market may be entering its Frothy Period. After a few seasons where collectors felt safest buying blue-chip paintings in the middle of the market rather than at the top, bidders reversed course during last week’s $2 billion sales in New York and splurged on masterpieces at the highest levels.
Records were set for more than four dozen artists, including a Claude Monet “Haystacks” painting from 1890 that sold for $111 million at Sotheby’s and Jeff Koons’s 1986 “Rabbit” sculpture, which Christie’s sold to New York dealer...
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