Millions In Art Work Set For Miami Auction
MIAMI (CBS4) - Its being billed as the biggest art auction ever outside New York or London. More than $40 million worth of art will go to the highest bidders this week at an art auction in Miami's Wynwood art district.
Longtime Miami art dealer Gary Nader traveled the world collecting pieces for the auction. Works by Picasso, Warhol, Botero and Monet will go to the highest bidders during he inaugural auction by Nader's Auction House.
The auction will cater to the Art Basel crowd in town for one of the world's most prestigious art shows.
"Only major cities in the world have an auction house," Nader said. "We think Miami is more than ready to have an auction house."
Nader took CBS4 Anchor Eliott Rodriguez on a tour of his 55,000 square foot gallery to show off the art awaiting bids by art collectors from around the world.
The auction includes a $10,000 oil painting of an automatic weapon firing from both sides by an up-and-coming Chinese artist.
On the other side of the spectrum are works by artists like Frank Stella, Andy Warhol, Pablo Picasso and Fernando Botero that are appraised in the millions of dollars.
The show includes a collection of ceramics by Picasso priced at $1.2 million.
Nader says his well-heeled customers have learned the art of investing in art, something that can be very profitable.
He points out that while the stock market has been on a roller coaster ride the last few years, real estate has plummeted and interest rates are at all time lows, many pieces of art have tripled or quadrupled in value.
Still, he does not believe art investing is for everyone.
"You should buy art for the intrinsic value of it, for the enjoyment. If it happens to appreciate, which it always does if you buy the right art, that's a plus."
Gary Nader's Gallery is located in Miami's Wynwood art district, 62 NE 27 Street. For more information call 305-576-0256 or go to www.garynader.com.
