The art market may be entering its Frothy Period. After a few seasons where collectors felt safest buying blue-chip paintings in the middle of the market rather than at the top, bidders reversed course during last week’s $2 billion sales in New York and splurged on masterpieces at the highest levels. Records were set for more than four dozen artists, including a Claude Monet “Haystacks” painting from 1890 that sold for $111 million at Sotheby’s and Jeff Koons’s 1986 “Rabbit” sculpture, which Christie’s sold to New York dealer...

Source: Wall Street Journal May 19, 2019 12:56 UTC