Vancouver Art Auction Generates A Record $22.8 Million

Vancouver, BC (AHN) - The Heffel Fine Art Auction held in Vancouver on Wednesday set a record in Canada by selling an astounding $22.8 million in artwork. The previous total sales record for a Canadian art auction, which had also been set by Heffel, was $12.5 million and was set in November, 2005.
Among other works, a painting by Canadian artist Lawren Harris sold at the auction for almost $2.9 million. The Harris painting was initially expected to sell at a price between $800,000 and $1.2 million. Its sale price of nearly $2.9 million was the second highest for a Canadian painting sold at an auction. The record holder in that category, a work by Paul Kane, sold in 2002 for $5.063 million.
Other works that sold for more than $1 million include another Lawren Harris painting, and two small sketches by Tom Thomson.
Anthony Westbridge, who is publisher of the Art Market Report, said that "These prices tell us the market is still very strong and there's an enormous amount of money out there looking to bury itself into some good art."
Other spring art auctions are scheduled next week in Toronto, including Sotheby's in Association with Ritchies, scheduled for next Monday, and Joyner Waddington's, which begins on Tuesday.

Source ref: http://www.allheadlinenews.com/articles/7007444607