Contemporary art auctions

Some people may love art but find themselves wondering, "What exactly is contemporary art?" To be classified as contemporary, the piece must have been created anytime between the 1960s to the present day, by painters who may have lived at some point during our lifetime. Collectively, much of the contemporary art for sale focuses on themes - be it politically motivated, a reaction to globalization or industrialization, a byproduct of feminism or a statement regarding racism. What better place to learn about modern-day art than at a contemporary art auction?

Contemporary art is punchy and compelling. It's often brightly colored and abstract. It's anything from the past forty years that subtly whispers "I, as a buyer, support living artists" or "I, as a buyer, enjoy thought-provoking artwork." It's rare to find someone who's never heard of Andy Warhol or Salvador Dali, but there are many smaller name artists who are finding eager contemporary art auction audiences clamoring to buy original art.

The world of modern art is changing. Just visit a contemporary art auction for a clue. Unknown artists find the value of their works quadrupling within years. Chinese and Indian artists are finding greater audiences, and wealthy patrons of the arts aren't just paying thousands - they're paying millions. Traditionally, an artist's older works garnered higher bids and more frenzied requests. However, painters like Brice Marden are changing the status quo with a whole collection of recent, sought-after work.

The top 10 contemporary artists, whose works sold for over $5 million at auction, are as follows: Lucian Freud, Jasper Johns, Jeff Koons, Brice Marden, Bruce Nauman, Robert Rauschenberg, Gerhard Richter, Richard Serra, Frank Stella, and Cy Twombly. Other artists (in the $1 - $4 million range) to look out for include: Chuck Close, David Hockney, Ellsworth Kelly, Anselm Kiefer, Claes Oldenburg, Robert Ryman, and Wayne Thiebaud.

Jasper Johns, one of the highest paid modern artists, can't seem to keep up with the demand. He paints two projects each month (which will sell for no less than $1 million), but the waiting list is still long. Entertainment giant David Geffen paid $40 million for "Gray Numbers" a few years back and New York City's Metropolitan Museum of Art allegedly paid over $20 million for "White Flag." John's colorful paintings touch upon Americana themes -- with lots of flags, maps and targets - with subtle messages that affect every onlooker differently. If a collector is fortunate enough to find a Jasper Johns in an art auction house, then there's no telling how much it'll sell for.

Traditionally, it was assumed that a contemporary art auction brought the price of the artwork up, but consider that Freud's art sold at an auction for no more than $5.8 million, but fetched $9 billion privately. The black and white impressionistic "Der Kongress" by Gerhard Richter recently sold privately for $10 million. The MOMA in New York City paid a private collector $12 million for Rauschenberg's "Factum II."

At first glance, one might wonder what the fuss over a contemporary artist like Cy Twombly is about. After all, it just looks like some colorful squiggles to the undiscerning eye. However, the world has been intrigued by the deeper meanings and emotions wrapped up into such ambiguous works. It also seems that these local dealerships and galleries are promoting the new wave of contemporary art furor, even more so than the contemporary art auction. Consider that Cy Twombly sold his twelve panel "Lepanto" (2001) for over $20 million from New York's Gagosian Gallery and other single panel gallery works sold for $2.5 million in 2006.

One can't help but wonder about what accounts for the noticeable trend towards modern art? Most of the buyers (42%) at the Sotheby's contemporary art auction continue to be Europeans, with the US trailing at 19%, and Asia / Middle Eastern sales at 12%. It seems that the high price of the pound is hurting many Americans more than the credit crunch, but London's weekend auctions saw many advances from interested Indian and Chinese buyers looking for a piece of cultural heritage. For instance, two bidders fought over Yue Minjun's "Execution" for six minutes, which finally sold for a record breaking $2.93 million. Likewise, one of Putu Sutawijaya's paintings ("Silent Road") sold for $350,000 (11 times its estimated price) at the Borobudur Auction!

The art world is changing from the traditional swanky event, complete with fine wine, cheese and fashionable attire - to one of sitting behind the computer screen, credit card in hand. While it may seem impersonal to some, it's advantageous to others, who have the ability to hop between sites, checking the fair prices for the particular work they've got their eye on. After browsing online catalogues, art lovers can get a good idea of what's available in the up-to-date marketplace, and then make the best purchase later at a contemporary art auction.

Art hunters can find their art investment and treasures at the Frieze Art Fair in London, one of Sotheby's or Christie's widely acclaimed annual events, or even at an art auction online. All it takes is a credit card and a discerning eye to capture that perfect sculpture, watercolor art or oil painting for sale. Browse online before attending an auction to get an idea of what to look for. Whether the stakes are high, as with an Andy Warhol and a Brice Marden, or hovering around $200 for a smaller unknown artist, the contemporary art auction is an enjoyable way to explore one's interest in art and meet others who share the same passion.

A contemporary art auction has the most comprehensive selection of original art for sale from the 1960s through today. Keep an eye on art auction house giants like Sotheby's or Christie's for modern art sales as well. Some enthusiasts will find their dream pieces for $200, while others are willing to pay upwards of $1 million for theirs. At any rate, the auction is a great place to make an art investment, check artist prices or just schmooze with fellow collectors.