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Japan's art auction market booming on the back of economic recovery
Thu Aug 19, 10:38 AM ET
TOKYO (AFP) -As Japan's economy recovers, its fledgling art auction market is rapidly expanding with the growth being driven by art lovers with money to spend rather than companies looking for an investment.
The buyers are attracted by prices which, two and a half years into a recovery from more than a decade of economic stagnation, are still a fraction of the frenzied levels of the early 1990s, when a Japanese industrialist paid more than 80 million dollars for a single work by Van Gogh. At a recent Tokyo sale by Japan's top auction house Shinwa Art Auction an oil by French Impressionist Pierre-Auguste Renoir, "Little Girl with an Orange", fetched 150 million yen (1.4 million dollars) -- almost double the pre-sale estimate of 80 million yen.