Art Basel: The art of selling art... for the right price

Family Portrait With Red Nose by German artist Hans-Peter Feldmann is on display at the international art show Art Basel, in Basel, Switzerland, 16 June 2015. Photo: EPA/Georgios Kefalas

This is shaping up to be quite a year in the art world. In May in New York, Christie’s, Sotheby’s and Phillips had US$2.3bil (RM8.7bil) in combined sales at their week of contemporary art auctions.

Bolstered by Christie’s US$705.9mil (RM2.6bil) Looking Forward To The Past sale of modern and contemporary masterworks, the total represented an all-time high for any series of art auctions.