It is one thing to go into an art museum and see some of the remarkable creations people have made throughout history. But it is something else again to go to an Art Auction house and check out what is for sale. That is quite an education to try to figure out why one painting might go for, say, ten thousand dollars and another for two million smackers. Museums generally do not deal with such crass matters as what people think a painting is worth, at least openly.
The Spring Heffel Art Auction in Vancouver was a wondrous opportunity to make such price comparisons. Now that it is over, it seems that the Heffel Brothers surprisingly underestimated the demand for the works on offer. That Bill Reid sculpture - featured in this piece - sold for more than $700-thousand, within their estimate. But overall, buyers spent $23 million dollars on the 223 artworks, while the original estimate was between $12-to-$15 million. Guess some people think the recession is over - or that the art market will outperform stocks. Art Auction