Munch’s $120 Million ‘Scream’ Beats Rothko: 2012 Auctions

The high-end art market plowed ahead
in 2012 as collectors looked for alternatives to the stock
market volatility amid the European debt crisis and concerns in
the U.S. about a new budget.

The top 10 priciest lots added up to $594.6 million, a 44
percent increase from $413.6 million in 2011, according to
Bloomberg calculations.

Lucrative estates and looming changes in the U.S. tax code
brought trophy works to the block. Numerous artist records
included Edvard Munch’s “The Scream,” which was crowned as the
most expensive artwork at auction.

“A lot of collectors thought it was time to take their
winnings off the table because they weren’t sure what the tax
rate
is going to be,” said Michael Plummer, a principal of
Artvest, a New York-based firm that provides investment advice
for the art market.

Evening sales of Impressionist, modern, postwar andArticle source: http://www.bloomberg.com/news/2012-12-19/munch-s-120-million-scream-beats-rothko-2012-auctions.html

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