Pop artist attacks 'disgraceful' price inflation

One of Britain's most eminent artists has criticised the "distasteful" trend for ever-rising art prices – just days before a leading auction house launches a sale that could fetch more than £72m, smashing all records for the contemporary art market.

Even as Sotheby's prepares its evening sale featuring masterpieces by Andy Warhol, Gerhard Richter and Francis Bacon, one of the original group of British "pop artists" of the early 1960s accused art dealers of placing inflated price tags on works that were not always worth the money.

Gerald Laing, most famous for his images of Brigitte Bardot and Anna Karina, said he found the commercialisation of the artistic process "revolting".

"The creative act is now being made by dealers who can convince people that a Jeff Koons sculpture is worth however many millions of dollars. On the other hand, it might not be a very difficult sculpture to make. What we are talking about is the banality of the work and the creative processes of the dealers who raise their prices," he said. "I think it's pretty revolting. The quality of some of the work fades into insignificance compared to the deals being made. I have heard how the major dealers of contemporary art can look at you and convince you that this price is right. Auction houses are riding on the back of this."

Laing, a painter and sculptor whose own work goes on sale next week at The Fine Art Society – but at prices in the thousands rather than millions – said even the £18m estimated value of a Francis Bacon work, Study of a Nude with Figure in Mirror, seemed rather high. The sale next Wednesday will include works by Peter Doig, the subject of a retrospective at Tate Britain, Gilbert and George, whose work featured in a Tate Modern show last year, and Warhol's Three Self Portraits, painted a year before his death and valued at more than £10m.

Oliver Barker, senior specialist in the contemporary art department at Sotheby's, said the rising prices were not just "dealer-inspired" but also inspired by the quality of the art itself. This sale was so strong, he said, partly because "key lots" were modern masterpieces of extraordinarily high value.

"A lot of people who are selling are seduced into doing so because they see the market is very strong. Some of these works have an extraordinary premium and this sale is the fruition of many years of talking to clients about the financial climate and what a buoyant level the art market is at.

"There has never been a time before when the passion and appetite for contemporary art has been as strong as this," he said.

Melanie Gerlis, art market editor at The Art Newspaper, said that the current boom may partly be down to the rush to put great works on the market for fear that the climate will change. "It's a seller's market right now and no one knows how long that will last. People might think, 'if I don't sell now, the market might not be as good next year'," she said.

Ms Gerlis added that the art market typically tended to "lag" behind other markets by up to 18 months, so it was perhaps not surprising that the impact of the credit crunch, which has sent financial markets tumbling, had yet to be seen in the prices fetched by works of art.

Arts and Entertainment
Secrets of JK Rowling's Harry Potter workings have been revealed in a new bibliography
arts + ents
Arts and Entertainment
Fearne Cotton is leaving Radio 1 after a decade
radio The popular DJ is leaving for 'family and new adventures'
Arts and Entertainment
arts + ents
Arts and Entertainment
Public Service Broadcasting are going it alone
music
Arts and Entertainment
Eddie Redmayne as transgender artist Lili Elbe in The Danish Girl

First look at Oscar winner as transgender artistfilm
Arts and Entertainment

Oscars 2015 Mexican filmmaker uses speech to urge 'respect' for immigrants

Arts and Entertainment
The Oscar nominations are due to be announced today

Oscars 2015 Bringing you all the news from the 87th Academy Awards

Have you tried new the Independent Digital Edition apps?
Arts and Entertainment

ebooksNow available in paperback
Arts and Entertainment

ebooks
Arts and Entertainment
Lloyd-Hughes takes the leading role as Ralph Whelan in Channel 4's epic new 10-part drama, Indian Summers

TV Review

The intrigue deepens as we delve further but don't expect any answers just yet
Arts and Entertainment
Jason Segal and Cameron Diaz star in Sex Tape

Razzies 2015 Golden Raspberry Awards 'honours' Cameron Diaz and Kirk Cameron

Arts and Entertainment
The Oscars ceremony 2015 will take place at the Dolby Theatre in Los Angeles
Oscars 2015A quiz to whet your appetite for tonight’s 87th Academy Awards
Arts and Entertainment
Sigourney Weaver, as Ripley, in Alien; critics have branded the naming of action movie network Movies4Men as “offensive” and “demographic box-ticking gone mad”.
TVNaming of action movie network Movies4Men sparks outrage
Arts and Entertainment
Sleater Kinney perform at the 6 Music Festival at the O2 Academy, Newcastle
musicReview: 6 Music Festival
Arts and Entertainment
Sleater Kinney perform at the 6 Music Festival at the O2 Academy, Newcastle
musicReview: 6 Music Festival
News
Kristen Stewart reacts after receiving the Best Actress in a Supporting Role award for her role in 'Sils Maria' at the 40th annual Cesar awards
people
News
A lost Sherlock Holmes story has been unearthed
arts + ents Walter Elliot, an 80-year-old historian, found it in his attic,
Arts and Entertainment
Margot Robbie rose to fame starring alongside Leonardo DiCaprio in The Wolf of Wall Street

Film Hollywood's new leading lady talks about her Ramsay Street days

Arts and Entertainment
Right note: Sam Haywood with Simon Usborne page turning
musicSimon Usborne discovers it is under threat from the accursed iPad
Arts and Entertainment
A life-size sculpture by Nick Reynolds depicting singer Pete Doherty on a crucifix hangs in St Marylebone church
arts + ents
Arts and Entertainment
Escalating tension: Tang Wei and Chris Hemsworth in ‘Blackhat’
filmReview: Chris Hemsworth stars as a convicted hacker in Blackhat
Arts and Entertainment

Oscar voter speaks out

film
Arts and Entertainment
The Oscars race for Best Picture will be the battle between Boyhood and Birdman

Oscars
Arts and Entertainment
Anne Boleyn (Claire Foy), Thomas Cromwell (Mark Rylance)
tvReview: Wolf Hall
Arts and Entertainment
Tom Meighan of Kasabian collects the Best Album Award
music
Arts and Entertainment
Best supporting stylist: the late L’Wren Scott dressed Nicole Kidman in 1997
film
Arts and Entertainment
Dakota Johnson and Jamie Dornan as Anastasia Steele and Christian Grey in Fifty Shades of Grey

Film

Arts and Entertainment
Mick Carter (Danny Dyer) and Peggy Mitchell (Barbara Windsor)
tv occurred in the crucial final scene
Arts and Entertainment
Glasgow wanted to demolish its Red Road flats last year
architecture
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

ES Rentals

    Independent Dating
    and  

    By clicking 'Search' you
    are agreeing to our
    Terms of Use.

    HIV pill: Scientists hail discovery of 'game-changer' that cuts the risk of infection among gay men by 86%

    Scientists hail daily pill that protects against HIV infection

    Breakthrough in battle against global scourge – but will the NHS pay for it?
    How we must adjust our lifestyles to nature: Welcome to the 'Anthropocene', the human epoch

    Time to play God

    Welcome to the 'Anthropocene', the human epoch where we may need to redefine nature itself
    MacGyver returns, but with a difference: Handyman hero of classic 1980s TV series to be recast as a woman

    MacGyver returns, but with a difference

    Handyman hero of classic 1980s TV series to be recast as a woman
    Tunnel renaissance: Why cities are hiding roads down in the ground

    Tunnel renaissance

    Why cities are hiding roads underground
    'Backstreet Boys - Show 'Em What You're Made Of': An affectionate look at five middle-aged men

    Boys to men

    The Backstreet Boys might be middle-aged, married and have dodgy knees, but a heartfelt documentary reveals they’re not going gently into pop’s good night
    Crufts 2015: Should foreign dogs be allowed to compete?

    Crufts 2015

    Should foreign dogs be allowed to compete?
    10 best projectors

    How to make your home cinema more cinematic: 10 best projectors

    Want to recreate the big-screen experience in your sitting room? IndyBest sizes up gadgets to form your film-watching
    Manchester City 1 Barcelona 2 player ratings: Luis Suarez? Lionel Messi? Joe Hart? Who was the star man?

    Manchester City vs Barcelona player ratings

    Luis Suarez? Lionel Messi? Joe Hart? Who was the star man at the Etihad?
    Arsenal vs Monaco: Monaco - the making of Gunners' manager Arsene Wenger

    Monaco: the making of Wenger

    Jack Pitt-Brooke speaks to former players and learns the Frenchman’s man-management has always been one of his best skills
    Cricket World Cup 2015: Chris Gayle - the West Indies' enigma lives up to his reputation

    Chris Gayle: The West Indies' enigma

    Some said the game's eternal rebel was washed up. As ever, he proved he writes the scripts by producing a blistering World Cup innings
    In Ukraine a dark world of hybrid warfare and murky loyalties prevails

    In Ukraine a dark world of hybrid warfare

    This war in the shadows has been going on since the fall of Mr Yanukovych
    'Birdman' and 'Bullets Over Broadway': Homage or plagiarism?

    Homage or plagiarism?

    'Birdman' shares much DNA with Woody Allen's 'Bullets Over Broadway'
    Broadchurch ends as damp squib not even David Tennant can revive

    A damp squib not even David Tennant can revive

    Broadchurch, Series 2 finale, review
    A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower: inside the mansion of Germany's 'Bishop of Bling'

    Inside the mansion of Germany's 'Bishop of Bling'

    A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower