New York
THAT US$3 million Caravaggio is looking like a bargain compared to a US$81.9 million Andy Warhol.
This week at the Old Masters sales in New York, when as much as US$200 million of 15th-to-19th-century paintings, drawings and sculptures are on offer, the auction houses will try to slightly narrow the disconnect between the record prices commanded by postwar, modern and contemporary art and the much lower estimates for the older works.
Old Masters, the most popular category until the 1980s, is now a small part of the art market, and drumming up renewed interest won't be easy. The group in 2013 accounted for 10 per cent of the value of the art market, with just over 1 billion euros (S$1.52...
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