Some paintings hang quietly in museums, admired by millions who snap photos and shuffle past. Others get wheeled into auction houses and sold for sums that could fund a small country’s annual budget.

Over the last 15 years, prices paid at auction houses for paintings, sculptures and other art have skyrocketed, setting ever-higher bars for the most expensive art sold at auctions. Owning art has ...

In the contemporary art market, a select group of paintings have transcended their canvas to become symbols of opulence, prestige, and cultural significance. These coveted masterpieces, sold for ...