Memories of recession may be driving rise in art prices

Story highlights

  • "There is a massive supply of new money coming into the art market," expert says
  • He predicts continued increases but notes that "certain artists have bubbled"
  • Paintings represent movable assets in a world marked by insecurity
How do you explain $142 million for a painting?
OK, "Three Studies of Lucian Freud," the 1969 painting by Francis Bacon that depicts the artist's friend, is a triptych, so maybe you could argue that it's really three paintings, but it's not the only record price set last month at auction.