«I LIKE MONEY ON THE WALL»

These instantly recognizable images spell “wall power,” a well-worn art-world phrase that describes an artwork that telegraphs its owner’s wealth. Often these trophy purchases are flaunted in the entrance of a McMansion or over a living-room fireplace or in an office-building lobby. Sometimes, however, prized art will disappear into private collections where their superrich owners show them off to only their superrich friends.Buyers today are a far broader group than they were a decade ago. As pockets of new money continue to be made in Asia, Russia and the Middle East, buyers from these places are becoming major players in the auction arena. And their tastes tend toward the unsubtle.“In order to appeal to today’s global marketplace you have to have iconic art that translates in every culture,” said Tobias Meyer, who runs Sotheby’s contemporary art worldwide.

-New York Times
April 28 2011