A female nude, a bright landscape: some subjects are consistently pleasing. But beauty is in the eye of the beholder, especially when it comes to art made in the past half century. “One of the great things about contemporary art is its capacity to challenge,” notes Michael Macaulay, head of Contemporary Art evening sales in New York. “And the great contemporary art collectors embrace that challenge.” In Episode 8, see why it’s not always the easiest subjects that sell best.

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