THE OBSERVATORY: the Richter market brightens

On 11 September 2020, by Agathe Albi-Gervy

After dipping slightly, Gerhard Richter's prices seem to be bouncing back, at least according to the Artnet website.

 

There even seems to be a number of "sub-markets" for the German painter. In 2015, when the Tate Modern hosted a major retrospective, prices hit very aggressive levels, climaxing at £30.4m for his 1986 Abstraktes Bild at Sotheby's London in February. That performance was a breaking point. Afterward, prices fell by an average of 20%. Today they are back up. On 2 July, a 1994 work sold at Phillips New York for its high estimate of $3.7m. Demand is especially brisk for early 1980s small to medium-size abstract works priced at around $10m.

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