Quiz: How Expensive Is This Piece of Art?
(Bloomberg) -- Auction houses don’t simply pluck prices for their sales out of nowhere. They assign estimates based on what previous, comparable artworks have sold for. The logic is the same as with real estate: If the market can sustain a price for one work, it can probably pay the same amount (if not more) for another.
Yet oftentimes it doesn’t quite work as planned. The thrill of an auction is watching furious bidding push an artwork’s price millions of dollars above its estimate—or on the flip-side, watching a supposedly million-dollar painting fail to find a single buyer.
With the spring sales in New York upon us, knowing the correct price for works at auction is a valuable thing, indeed. In this quiz, we look at artworks that sold in the past and are similar to ones on the block now.
Can you guess how much they sold for?
To contact the authors of this story: James Tarmy in New York at email@example.com.