Japanese collectors set record-high prices for Impressionist art, while Sotheby’s sets a new Van Gogh benchmark with a $53.9 million sale and goes to Moscow to launch a sale of Russian avant-garde and contemporary art. The excess and bull market associated with most of the decade extended to all corners of the art industry with sale numbers that exceed expectations.
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In 1987, the movie Wall Street features artists like Francesco Clemente and provides the perfect distillation of 80s international consumerism and postmodernism. The first Sotheby's auction in the Soviet Union, 1988 1980s: Record Sales from Wall Street to Russia As a result, the decade also saw the publication of Robert Projansky’s “Artist’s Contract” and an increased focus on helping artists legally outline resale rights.
In 1972, The Met made a record-breaking (and controversial) purchase of a $1 million-dollar Greek vase, and Julian Schnabel’s paintings-from a sold out 1979 Mary Boone solo show-doubled in price in two years. “If I had to choose one thing,” says David Bellingham, Director of our London Art Business Master’s program, when thinking about one key art market factor of the 70s, “it would be how art developed as an alternative investment asset.” It was during this decade that investors started looking at the benefits of collecting art and art responded by raising its prices.
Now, with the help of our expert faculty, we look back on the major developments of the past five decades to better understand the art market’s multibillion-dollar present and share projections for its future. Over the next fifty years, the program evolved alongside the growing needs of the growing industry, developing into a school with a distinguished faculty, campuses in London, New York, and Los Angeles, and a robust offering of graduate programs and shorter non-degree courses. In 1969, Sotheby’s Auction House launched what is now Sotheby’s Institute of Art, responding to the need for education on the business of art. In the 1960’s, the idea of “art as investment” took hold and prospered into the $64 billion art market of today.
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