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Secondary art market is booming

The secondary art market is booming despite all the troubles of the credit crunch

Sotheby’s spring contemporary art auction on Wednesday evening was the most lucrative auction in the company’s history, blowing past the high end of Sotheby’s estimate with sales totaling $362 million, including a record $86.3 million for a 1976 Francis Bacon triptych that had been expected to sell for about $16 million less.

“The secondary art reaffirms how the art market is doing overall,” said a Chicago art dealer. Sotheby’s results show that art has kept its value even as times are bad, he said, with buyers likely seeing it as a better investment as the real estate and stock market suffer losses.