The Price of Art

This year, Les femmes d’Alger (Version O) by Pablo Picasso was sold for a record breaking $179.4 million at Christie’s auction house in New York. That same day, a sculpture by Alberto Giacometti was sold for $141.3 million. It is said that the prices sky rocketed because of the artwork’s investment value and the competition among art collectors. A professor at The New School in New York city said that modern art dominates the market because, “they are beautiful, accessible, and a proven value” (Sarah Licthman, Huffington Post). Some of the other most expensive artworks sold have been: “Three Studies of Lucian Freud” by Francis Bacon in 2013, Edvard Munch “Scream” in 2012 and Pablo Picasso’s “Nude, Green Leaves, and Bust” in 2010.

                  Francis Bacon’s painting entitled, “Three Studies of Lucian Freud” sold for $142.4 million in 2013. It’s a three panel painting that shows Lucian Freud sitting on a wood chair. The painting depicts the friendship between the two artists. The painting was sold to Elaine Wynn, the woman who co-founded Mirage Resorts and Wynn Resorts. This piece also holds the highest title of the highest paid price for a painting by a British or Irish artist. 

Francis Bacon. Three Studies of Lucian Freud. 1969. Oil on Canvas

In 2012, Edvard Munch’s “Scream” was sold for $120 million at Sotheby’s in London. The painting was sold to Leon Black. Black is an American businessman who created the private equity firm, Apollo Global Management. Part of the reason the painting sold for such a high price is because it is one of Munch’s most colorful works and the frame was hand-painted by the artist. An interesting fact about this piece is that it has been stolen from museums multiple times. In 1994, it was stolen from the National Gallery and was recovered. Ten years later, in 2004, it was stolen again from the Munch Museum, but was found two years later. It is now safe and sound in the National Galley in Oslo, Norway.

Edvard Munch. The Scream. 1893. Oil, tempera, pastel and crayon on cardboard.

Picasso’s “Nude, Green Leaves, and Bust” sold for $106.5 million dollars at Christie’s in 2010. This painting was painted for his mistress in 1932. The original owner was Picasso’s friend and art dealer, Paul Rosenberg. With World War II in affect, Rosenberg dispersed of Picasso’s artworks in order to save them. Finally, Rosenberg opened a gallery in New York, where he put “Nude, Green Leaves, and Bust” on display and it was bought by the Brody family in 1951. The painting was on display only once to commemorate Picasso’s 80^th birthday. After Francis Brody died, Christie’s beat Sotheby’s with the right to auction this piece. The painting was only expected to earn $80 million. 

Pablo Picasso. Nude, Green Leaves, and Bust. 1932. Oil on canvas.

  

Pablo Picasso. Les femmes d’Alger. 1955. Oil