Koons' Heart For Sale

There seems to be a Jeff Koons season coming up in New York. On 13 November Christie's will auction his Blue Diamond (CLICK). The following day Sotheby’s will auction this monster: Hanging Heart (Magenta and Gold). It weighs over 3,500 pounds, is almost nine feet tall and took over 6,000 hours to make. Can't say I'd want it in my living room. Its tawdry beauty is for the nouveau riche, girlie nouveau riche at that. Estimated worth? $15/20m. According to the annual Hiscox Art Market Research report, contemporary art prices are up 55% this year. Charles Dupplin reckons it's been a "tremendous year" for art (CLICK). I disagree. It's been a year in which investors paid fortunes for overrated art by a handful of big names, while quality artists struggled to make a living.