Last year at auction, German painter Gerhard Richter outsold Monet, Giacometti and Rothko—combined. A case study of an artist’s rise. Will it last?

Few people can pinpoint the moment when an artist becomes iconic in the way of Pablo Picasso or Andy Warhol, but right now the art world is trying to anoint Mr. Richter. Last year, his works sold at auction for a total of $200 million, according to auction tracker Artnet—more than any other living artist and topping last year’s auction totals for Claude Monet, Alberto Giacometti and Mark Rothko combined. At Mr. Richter’s gallery in New York, the waiting list for one of his new works, which can sell for $3 million apiece, is several dozen names long. In November at Sotheby’s, London collector Lily Safra paid $20.8 million for Mr. Richter’s 1997 eggplant-colored “Abstract Painting,” an auction record for the artist. Other artists have sold individual works at higher prices—Jeff Koons, for example—but in terms of volume at auction, Mr. Richter currently tops the market.
By Kelly Crow, Mar 9, 2012 WSJ

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Tate Exhibit: Gerhard Richter: Panorama