ANKARA
By Handan KAZANCI
Irish-born British artist Francis Bacon’s “Three Studies of Lucian Freud” sold for a 143.4 million dollars last November in New York, making the painting the most expensive art work in the world.
As Turkey's economy has boomed in the last ten years so has its investment in art. The value of the art industry has risen eightfold over the last decade and is now worth a total of 33 million dollars, according to Turkish statistical institution (TUIK).
Last year was a record-breaking year for Turkish art as well.
Turkish artist Erol Akyavas sold his painting “Kabe” (Sacred House in Mecca), in Turkey for 2.9 million lira (1.3 million dollars) making it the most expensive contemporary artwork in Turkey.
Turkish-Jordanian artist Fahrelnissa Zeid’s painting, “Break of the Atom and Vegetal Life” was sold by Dubai Christie’s auction house for 5.7 million lira (2.6 million dollars), making her one of the highest paid female artists in the Middle East.
Olgac Artam, board member of an auction house in Turkey, said that contemporary art demand has been more intense than ever this last year, but it still is possible to find art at reasonable prices.
“Record-breaking prices that you hear about in the media are one-off payments for masterpieces,” he said. “But medium sized work by the same artists are sold at much fairer prices.”
Artam adds however that the high prices paid at the auctions was advantageous as it brings more art investors into the market.
An antique exporter based in Ankara, Fulya Ayyildiz, gives an example of how quickly prices can go up.
“I remember one of my clients bought a painting for 5,000 lira. One hour later, somebody called him and offered 30,000 lira.”
Artam and Ayyildiz both agree that most people invest in an antique or in a piece of art which make themselves feel special.
"Instead of keeping their money in a bank account, they prefer to see an exciting art piece on their wall to enjoy,” says Artam. “It is both a profitable investment and also prestigious.”
Most world banks advise their clients to invest in art funds even during rough economic times, Artam says. “Artworks are like a safe haven for the investors if they have the ability to keep them,” he adds.
“People say that Europe is in a crisis, but for the art market there is no crisis”, says Ayyildiz.
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