When art becomes smart | Bangkok Post: lifestyle

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When art becomes smart

Thailand aims to straddle commercial success and creative integrity as insiders grow the local market

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In 2011 the royal family of Qatar, the world’s richest nation, bought Cezanne’s The Card Players at more than $250 million (8 billion baht). The purchase marked the highest price ever paid for a piece of art. 

A painting by Chatchai Puipia in the exhibition ‘‘Chatchai is dead. If not he should be" from 2011. Chatchai is another established Thai artist in the international art market.

At a Christie’s auction last year in New York, Francis Bacon’s triptych Three Studies Of Lucien Freud sold for a whopping $142 million. With the prices of art — both famous works and those by emerging artists — skyrocketing worldwide, art has become a profitable and reasonable place for the rich to park their money. Artwork has become an acceptable form of financial asset.

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