Monday, October 20, 2008

Has the craze for Japanese artist and Louis Vuitton collaborator Takashi Murakami's work become the latest victim of the looming recession? In May, art world observers were astounded when Murakami's onanistic sculpture My Lonesome Cowboy, estimated at $3 - $4 million, ended up going for $15 million at a Sotheby's auction. Many expected a similar result Saturday evening when Phillips de Pury put another major Murakami work up for auction in London. However, the 21-ft. sculpture Tongari-kun (above), estimated at $6 - $7.8 million, did not draw a single bid, Bloomberg reports.