Art Market Update

After last week's impressionist sales, it is the turn of contemporary art to go under the hammer. At Christie's, Campbell's Soup Can With Can Opener by Andy Warhol is among the star turns, estimated at $30-50m (£18m-£30m). Sotheby's has a Coca-Cola bottle canvas by him at $20-25m. The answer, or part of it, is that the very top of the art market is semi-detached from the movements of individual economies. Rather, it is bound up with the tastes and choices of a number of super-rich people in Europe and America – and, increasingly, Russia, China and the Middle East. As Brett Gorvy, deputy chairman of Christie's, put it: "The market is not reliant on one single economy at any one time." Charlotte Higgins was spot on. The trend among the emerging super-rich is to have the right contemporary art = a badge of elite wealth.

Useful links:
http://sarah-thornton.com
http://www.sothebys.com
http://www.christies.com