Richter's $37 million 'bargain' defies economic gloom

Art critic Godfrey Barker says that whoever paid $37 million for Gerhard Richter's Domplatz Mainland photo-painting got a bargain.

"$37 million is cheap against $140 million for Jackson Pollock and $137 million for Willem de Kooning."

Barker adds that buyers are attracted to art by its huge returns.

Richert's masterpiece has set a new record in New York for the highest auction price achieved by a work by a living artist.

The BBC's Jon Sopel spoke to Godfrey Barker on BBC World News.

Richter's painting 'a bargain' at $37 million says critic