Function Magazine

Art, Fashion and Entertainment

Flipping art become a big business

Posted by elegant On March - 10 - 2014

The London contemporary art market in February is a Mecca for art flippers. Works of up-and-coming artists are in demand more than ever before. Main reason is due to people who are flipping art and hoping to make a profit from it quickly. Business professionals think the phenomenon is a bubble in the contemporary art market. There are few signs that confirm the notion. According to Bloomberg Businessweek, works of artists that are new to the market almost doubled in 2013 compared to what was available in 2007. Another sign, works of renowned artists such as Andy Warhol are making more money for resellers.

Original works of arts of young artists such as Parker Ito and Oscar Murillo are now selling at auctions four to six times the original price paid by buyers. Most of the buyers are well-connected insiders of the art world. They are not only flippers but also collectors of works of young up-and-coming artists. Some of the items are changing hands more than five or six times a year, each time more than doubling the price. One unfortunate thing is that some studios are increasing the initial price for original work in anticipation of price increases in the future and trying to get the piece of the action.

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