14th June 2007
Sale prices for post war art continue to smash record prices. The latest record breaker is 'Green Car Crash (Green Burning Car I)' by Andy Warhol which fetched $71,700,000 at Christie's New York Auction house.
The general trend for post war contemporary art is increasing. The trend is fuelled by investment from Russian and Eastern European collectors. The painting 'Green Car Crash (Green Burning Car I)' was bought by a Russian collector. The reserve price was set by Christie's at $25m but almost trebled in its bid price to $71.7m.
This is the highest price ever reached for a Warhol and is up there with the highest sale prices just behind 'Yellow, Pink and Lavender on Rose' by Mark Rothko, which sold a few days earlier.
The trend for inflating art prices is set to continue increasing as more Russian and Eastern collectors continue to purchase post war modern art pieces.
