«I LIKE MONEY ON THE WALL»

The art market always follows the money. These days that means courting new collectors from emerging economic superpowers. Auction houses aren't just wooing them with Warhols. They're also whipping up buzz about art from their native countries. And it's working.The value of pieces from Brazil, Russia, India, and China, the so-called BRIC countries, has skyrocketed in recent years, mirroring each country's economic growth. Auction houses have helped feed the frenzy by extracting BRIC art from their other categories, hosting specialized sales designed to spark the patriotism of the BRIC nouveau riche. Sotheby's (BID) has more than doubled its BRIC-oriented offerings in the past decade. Christie's, which says it has Chinese-speaking staff members at all its auction houses, has also significantly upped its collection. In April, Phillips de Pury held the first auction dedicated exclusively to art from all four BRIC nations, bringing in nearly $11 million. Another BRIC auction is scheduled for next April in London.

-Business Week
August 12 2010