Bloomberg

Oscar Murillo’s Untitled (Drawings off the wall), 2011. Oilstick, spray paint, enamel, dirt and mixed media on canvas, 67 x 60 1/8 in. (170.2 x 152.7 cm.). Estimate $30,000 – 40,000, and sold for $401,000.

Flipping has picked up as wealthy collectors chase paintings by emerging artists with the goal of reselling them quickly for a profit, a strategy some advisers say may be a sign that the contemporary art market is taking on characteristics of a financial bubble. From 2011 through 2013, the number of works three years old or younger sold at auction topped 7,300 annually, compared with 4,023 in 2007 when the art market was peaking, according to research firm Artnet Worldwide Corp. .. . . READ MORE