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Asking price for US$100k artwork: US$20k

At auction houses in London and New York, sellers are preparing to bail on their investments after the resale market for once sought-after young artists dried up

Prices for works by young artists such as Lucien Smith (above) and Hugh Scott-Douglas soared with the auction market in 2014, sometimes reaching hundreds of thousands of dollars, when they were traded like bull-market tech stocks.

New York

ART dealer and collector Niels Kantor paid US$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 per cent discount....

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