German artist Gerhard Richter’s star was ascendant throughout 2011 and it looks to stay that way through 2012.  In November of 2011 his “Abstraktes Bild” went for over $20 million at auction, making it a record sale for the artist. 

According to Skates, the now 80-year-old artist is currently the 12th most valuable artist of all time and by far the most valuable living artist today.

Richter’s work from the 1980s is the most coveted, despite the aforementioned “Abstraktes Bild” dating from 1997.

However, unlike many contemporary artists, work from almost every period of his 60-year career is highly valued.  In the last decade, Richter has been producing on average 60 artworks per year, and while these works are not as yet commanding as high of prices, the odds are that they will. 

Richter’s artwork varies widely, both in medium (from painting to photography) and in style (from abstract to photorealism,) though many of his works explore illusionistic space.

Skates reports that credit for Richter’s success “…goes not only to Richter but also to all the professionals who have worked to create the market for his works. His catalogues raisonné are a model of transparency and have been widely adopted as standard reference sources.”

Richter is not the only German artist whose work is on the rise; the market has been tilting toward Germany for the last decade. German photographer Andreas Gursky also made headlines last November when his “Rhine II” sold for a record breaking $4.3 million.

German contemporary artists have established a reputation for producing profound and well-made works that are without gimmick.

Richter has spoken somewhat derisively of the expansion of the art market in the 21st century, saying it “…has become part of the entertainment industry.”  

In another, more recent interview at the Tate Modern, London, in October 2011, just days before his “Abstraktes Bild” would break records, when asked about the market he was quoted as saying “It’s just as absurd as the banking crisis. It’s impossible to under-stand and it’s daft!” 

Nonetheless, the strong liquidity of his works, coupled with a large return, indicate that Richter will remain on top of the art market for the foreseeable future.

(Report: Christine Bolli for ARTFIXdaily)