New American Paintings/Blog

60 Minutes: Even in tough times, contemporary art sells by New American Paintings
April 2, 2012, 10:53 am
Filed under: Art Fairs, Art Market, Art World | Tags:

Did you catch the 60 Minutes report on the current state of the contemporary art scene? “Art Market” aired on April 1, by Morley Safer, produced by Ruth Streeter.

“Even if contemporary art seems alien or odd to you, consider this: the market for this art has outperformed the Standard & Poor’s list of 500 common stocks since 2003. Morley Safer is back on the art beat, attending the most important contemporary art fair in the world: Art Basel Miami Beach. It’s a matter of taste whether the paintings, sculpture, and what-nots are good art, but as a good investment, art is indisputably hotter than ever. In fact, elite art buyers – many from Russia and China — are so ravenous that the contemporary art market raked in over $5 billion in auction sales last year.”

Click on the image below to watch the video. For the entire script, visit CBS News.


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