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Some people may love art but find themselves wondering, "What exactly is contemporary art?" To be classified as contemporary, the piece must have been created anytime between the 1960s to the present day, by painters who may have lived at some point during our lifetime. Collectively, much of the contemporary art for sale focuses on themes - be it politically motivated, a reaction to globalization or industrialization, a byproduct of feminism or a statement regarding racism. What better place to learn about modern-day art than at a contemporary art auction?

The top 10 contemporary artists, whose works sold for over $5 million at auction, are as follows: Lucian Freud, Jasper Johns, Jeff Koons, Brice Marden, Bruce Nauman, Robert Rauschenberg, Gerhard Richter, Richard Serra, Frank Stella, and Cy Twombly. Other artists (in the $1 - $4 million range) to look out for include: Chuck Close, David Hockney, Ellsworth Kelly, Anselm Kiefer, Claes Oldenburg, Robert Ryman, and Wayne Thiebaud.

Jasper Johns, one of the highest paid modern artists, can't seem to keep up with the demand. He paints two projects each month (which will sell for no less than $1 million), but the waiting list is still long. Entertainment giant David Geffen paid $40 million for "Gray Numbers" a few years back and New York City's Metropolitan Museum of Art allegedly paid over $20 million for "White Flag." John's colorful paintings touch upon Americana themes -- with lots of flags, maps and targets - with subtle messages that affect every onlooker differently. If a collector is fortunate enough to find a Jasper Johns in an art auction house, then there's no telling how much it'll sell for.

At first glance, one might wonder what the fuss over a contemporary artist like Cy Twombly is about. After all, it just looks like some colorful squiggles to the undiscerning eye. However, the world has been intrigued by the deeper meanings and emotions wrapped up into such ambiguous works. It also seems that these local dealerships and galleries are promoting the new wave of contemporary art furor, even more so than the contemporary art auction. Consider that Cy Twombly sold his twelve panel "Lepanto" (2001) for over $20 million from New York's Gagosian Gallery and other single panel gallery works sold for $2.5 million in 2006.

A contemporary art auction has the most comprehensive selection of original art for sale from the 1960s through today. Keep an eye on art auction house giants like Sotheby's or Christie's for modern art sales as well. Some enthusiasts will find their dream pieces for $200, while others are willing to pay upwards of $1 million for theirs. At any rate, the auction is a great place to make an art investment, check artist prices or just schmooze with fellow collectors.

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