Hungary - Eastern Europe - page 332

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Hungarian Art Market: From Bust to Boom

Over the past 15 years, Hungarian artworks, including those of modern
Hungarian masters such as Jószef Rippl-Ronai, Béla Iványi Grünwald, Béla
Kádár, and Armand Shöenberger, have been gaining popularity among
both Hungarian and international collectors.
As a result after a decade-old transition from Communism to a market-
driven economy in Hungary, the art market has gone from bust to boom as
collectors discover the works of classical and modern Hungarian artists.
Even in the U.S., paintings are fetching record-breaking prices. In the spring
of 2005, a József Rippl-Ronai (1861-1927) painting called Girl with a Cage
(1891-92) was auctioned off to Budapest-based art dealer Ernst Wastl of
Ernst Gallery (see listing in this section) for a whopping $590,400.
The market within Hungary itself has been particularly active. Many art-
works are returning to Hungary after having been dispersed during World
War II, or the subsequent Communist era. Before World War II, Hungarian
private collectors amassed notable collections, although many of these
were pillaged by Nazi Germany and later Soviet Russia after the war. (Many
of Hungary's prewar cultural treasures to this day are thought to be in Rus-
sia, and their return is the subject of protracted and heated negotiations
between the two countries, which seem to be getting nowhere.)
You can see this feeding frenzy for Hungarian art at spring and fall auc-
tions in Budapest, which fill to capacity (with some also bidding on the
phone from international locations). Visitors watch in awe as records are
broken almost on a yearly basis. Paintings that only a decade ago may have
fetched $15,000, can now fetch 10 times that, especially if you are talking
about internationally renowned artists like Mihály Munkácsy.
The auction-house scene in Hungary has become so popular that in contrast
to North America or Europe, most of the important private galleries have created
a dual system of being both auction houses and galleries. See the art galleries
listed in this section, and call or inquire in person for their auction schedules.

Bookstores
Bestsellers Bestsellers is Budapest's first English-language bookstore (opened in
1992). With its spacious and bright interior, the shop is a popular meeting spot for
English-speaking travelers. The store has a wide selection of fiction, as well as a rea-
sonably good collection of travel books, including books on Hungary. A wide selec-
tion of newspapers and magazines is also available. ( Note: The owner also runs Király
Books, at I. F ó u. 79, which has a fair selection of guidebooks, maps, and language
books in mostly English and French; call & 1/214-0972. ) Open Monday through
Friday 9am to 6:30pm, Saturday 10am to 5pm, Sunday 10am to 4pm. V. Október 6 u.
11. & 1/312-1295. Metro: Arany János utca (Blue line).
Central European University Bookstore This store features books covering a wide
variety of disciplines. The selection of books on central and Eastern European politics and
history is particularly notable since the Central European University Press publishes a