Richter's hot streak may extend to UK

New York

GERHARD RICHTER, the 83-year-old German abstract painter who was the best-selling living artist last year at auction, may extend his winning streak during four days of post-war and contemporary art sales that begin on Tuesday in London.

Christie's, Sotheby's and Phillips are offering 20 works by Richter valued at more than £58.3 million (S$120.4 million). In total, art with a high estimate of £319.8 million will go on sale.

Sales of post-war and contemporary art are at their strongest ever. In November, Christie's sold a record US$852.9 million of art in about two and a half hours in New York. The group is the largest part of the market, comprising about 48 per cent of the value of all fine art sales in 2014, according to New York-based researcher Artnet. Of the top 10 lots that sold…