Art & Design: Insiders Dish on the Art Market

THE NEW YORK TIMES
By Scott Reybun

“Garten,” at left, a 1982 abstract painting by Gerard Richter, was sold to an anonymous bidder for £10.2 million at Sotheby’s during “Frieze Week” in London. Credit Toby Melville/Reuters

During “Frieze Week,” a 1982 abstract by Gerhard Richter became the object of a 10-minute duel between two telephone bidders at Sotheby’s Friday evening auction of contemporary art. “Garten,” estimated at 3 million pounds to 4 million pounds, was finally knocked down for £10.2 million with fees, prompting whoops and applause from the packed salesroom. The painting had last been seen at auction in 1987, when it sold at Christie’s for £49,500. [link]