Monday, January 5, 2015

Warhol beats Picasso, Posted January 5, 2014

Andy Warhol's Triple Elvis and Four Marlons sold for a combined US$151.5 million. Photo / AP

Collectors bought 1295 works by Andy Warhol totaling US$653.2 million, ahead of sales for Pablo Picasso and Francis Bacon, according to preliminary figures by New York researcher Artnet. Auctions worldwide rose 10 per cent to US$16 billion.

Art sales have more than doubled from US$6.3 billion in 2009, as surging financial markets lifted the fortunes of the world's richest. The top 400 billionaires added US$92 billion in wealth this year, for a net worth of US$4.1 trillion at December 29, according to the Bloomberg Billionaires Index.