Art
That $100,000 Painting Bought to Flip Is Now Worth About $20,000
- Emerging names discounted most as art crash foils speculators
- Market is undergoing a painful but ‘much-needed’ readjustment
Art Market Goes From Boom to Bust, Why?
Art dealer and collector Niels Kantor paid $100,000 two years ago for an abstract canvas by Hugh Scott-Douglas with the idea of quickly reselling it for a tidy profit. Instead, he is returning the 28-year-old artist’s work to the market this week at an 80 percent discount.
Such is the new art season. At auction houses in London and New York, sellers are preparing to bail on their investments after the emerging-art bubble burst and the resale market for once sought-after artists dried up.