Behind every billionaire there is a story!

CONTEMPORARY (ART) MADNESS

Billionaire contemporary art collector Eli Broad, who has amassed an 1,800-piece collection and will have a wing of the Los Angeles County Museum of Art (Lacma) named after him in February, thinks art prices are heading for a fall. As Sotheby’s, Christie’s and Phillips auction houses prepare for the upcoming $1 billion contemporary art auctions, The Post’s Carly Berwick caught up with Broad:New York Post: You don’t see prices for contemporary art heading higher?

Broad: There’s no question in my mind that it’s peaked. Some works have gone up 200 to 300 percent. This rise has been unprecedented. I can’t think of any other market where you’ve had this appreciation.

Post: Are you concerned that art prices may drop?

Broad: If prices go down, it’s an opportunity to collect.

read the rest published by NY Post here:

http://www.nypost.com/seven/10212007/business/contemporary__art__madness.htm