At Sotheby’s, a large portrait of a young black woman, “Compound Leaf" (2017), by Toyin Ojih Odutola went for 471,000 pounds, more than three times the high estimate and also a record at auction. It was purchased from Jack Shainman gallery in 2017 for $40,000.
Such rewards are far from common advisers warn.
“Any time you buy a work by an emerging artist, it’s more likely be worth the same amount or less in five years than $100,000," Godsill said.
This article was provided by Bloomberg News.