Art Flippers Return for Big Gains at Spring Contemporary Sales
- May 28, 2014 22:25
Israel Lund’s grainy, washed out yellow and gray painting was sold four times over 11 months, jumping more than 1,500 percent in price along the way.
It was among 124 artworks produced in the past three years that came on the block at this month’s New York auctions -- a 114 percent increase over May 2013, when 58 pieces in the same age range were traded, according to Artnet Worldwide Corp.
The new art totaled $28.4 million at Christie’s, Sotheby’s and Phillips, almost three times the amount generated by 97 lots sold in May 2007, the height of the last art market bubble.
