It was a funny old year. In 2012 a Korean pop singer became a global phenomenon. Venus came very close to Jupiter. And the world did not end on 21 December, as some had blamed the Mayans for predicting.
In the art auction world, 2012 was a banner year for trophy hunters, thanks to “The Scream”, Richter and Rothko. In November, auctions at Sotheby’s and Christie’s brought in $787.3 million (HK$6,105m). All this amid a financial crisis.
But the sometimes astonishing prices did little to ease growing concerns that a price bubble was swelling, that the market was becoming sickly, and that China’s once seemingly inexhaustible buying power was starting to turn lethargic. Sound familiar?
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