Author Topic: 'The Scream' Fetches Record $120 Million at Auction  (Read 8953 times)

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Offline exchange

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'The Scream' Fetches Record $120 Million at Auction
« on: May 02, 2012, 08:38:07 PM »
Money well spent "IF" you have billions of dollars.

One of the art world's most recognizable images — Edvard Munch's "The Scream" — sold for a record $119,922,500 at auction in New York City.
The 1895 artwork — a modern symbol of human anxiety — was sold at Sotheby's Wednesday evening. The price includes the buyer's premium.
The image of a man holding his head and screaming under a streaked, blood-red sky is one of four versions by the Norwegian expressionist painter. The auctioned piece at Sotheby's is the only one left in private hands.

The previous record for an artwork sold at auction was $106.5 million for Picasso's "Nude, Green Leaves, and Bust," sold by Christie's in 2010.
Proceeds from Wednesday's sale will go toward the establishment of a new museum, art center and hotel in Norway.
The image has become part of pop culture, "used by everyone from Warhol to Hollywood to cartoons to teacups and T-shirts," said Michael Frahm of the London-based art advisory service firm Frahm.

"Together with the Mona Lisa, it's the most famous and recognized image in art history," he added.
Sotheby's said its pastel-on-board version of "The Scream" is the most colorful and vibrant of the four and the only version whose frame was hand-painted by the artist to include his poem, detailing the work's inspiration.

In the poem, Munch described himself "shivering with anxiety" and said he felt "the great scream in nature."
The director of the National Museum in Oslo, Audun Eckhoff, says Norwegian authorities approved the Munch sale since the other versions of the composition are in Norwegian museums. One version is owned by the National Museum and two others by the Munch Museum, also in Oslo.

Sotheby's said a total of eight works have sold for $80 million or more at auction.
Only two other works besides Picasso's "Nude, Green Leaves, and Bust" have sold for more than $100 million at auction. Those are Picasso's "Boy With a Pipe (The Young Apprentice)" for $104.1 million in 2004 and Alberto Giacometti's "Walking Man I" for $104.3 million in 2010.

http://www.cnbc.com/id/47271718


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Offline r3globe

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #1 on: May 02, 2012, 08:43:22 PM »
Qatar Purchases Cézanne’s The Card Players for More Than $250 Million, Highest Price Ever for a Work of Art!

http://www.vanityfair.com/culture/2012/02/qatar-buys-cezanne-card-players-201202

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #2 on: May 03, 2012, 12:36:41 PM »
While we are on the subject of art, maybe one day I may afford an Action Comics #1 which sold on ebay for $120,000. I am a big Superman fan. and yes I would buy a graded comic....  :001_smile:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&_trksid=p4340.l2557&hash=item519d21b6ac&item=350528583340&nma=true&pt=US_Comic_Books&rt=nc&si=ltZgBxDrKyRjQAqKOzhUeJA9KYM%253D&orig_cvip=true&rt=nc


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« Last Edit: May 03, 2012, 12:48:48 PM by exchange »

tamo42

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #3 on: May 03, 2012, 02:10:08 PM »
While we are on the subject of art, maybe one day I may afford an Action Comics #1 which sold on ebay for $120,000. I am a big Superman fan. and yes I would buy a graded comic....  :001_smile:

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Offline r3globe

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #4 on: May 03, 2012, 02:17:57 PM »
If all of these 0000's don't demonstrate inflation, I don't what does!

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #5 on: May 03, 2012, 03:06:49 PM »
If all of these 0000's don't demonstrate inflation, I don't what does!

Here's another comic book which sold on ebay for $116,000.
Detective Comics #27, first appearance of Batman.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&_trksid=p4340.l2557&hash=item519d8be436&item=350535541814&nma=true&pt=US_Comic_Books&rt=nc&si=ltZgBxDrKyRjQAqKOzhUeJA9KYM%253D&orig_cvip=true&rt=nc

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Offline pandamonium

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #6 on: May 03, 2012, 04:02:26 PM »
The art and comic book prices are coming to precious metal coins as buyers come to the conclusion it is better to own precious metals then paper comics or paper/paint art works.  The Chinese coin market has barely ticked up in price as we look at prices in other markets.  Too much paper currency and it has got to flood somewhere.  PM coins will go nuts.........

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #7 on: May 03, 2012, 06:15:02 PM »
Its amazing the staggering amounts of money been spent on individual paintings.

Top Wall Street Art Collectors.

CEO, Apollo Global Management
After paying $47.6 million for a chalk drawing by Raphael three years ago, Black made more art-world news last year when he and his wife donated $48 million to Dartmouth College in New Hampshire to fund the Black Family Visual Arts Center.

Henry Kravis - Co-founder, KKR
Though his wife, Marie-Josee Kravis, is president of the Museum of Modern Art in New York, Kravis doesn’t play favorites. A donation of $10 million to the Metropolitan Museum of Art uptown paid for a wing in his name. Art gives back, of course: In 2008, Kravis sold Edgar Degas’ "Danseuse au Repos” for $37 million at Sotheby’s, turning a $9 million profit in less than 10 years.

Steven A. Cohen - CEO, SAC Capital
Cohen has spent $500 million to $700 million at art auctions, or an estimated 20 percent of his total fortune. Owner of another Munch painting, “Madonna,” he also likes midcentury Expressionists and Pop Art, spending more than $65 million on a Willem DeKooning and $35 million on Andy Warhol's painting "Large Coca-Cola."

Ronald S. Lauder - Chairman, Estee Lauder
Lauder has been devoted to Middle European art since buying a drawing a work by Austrian expressionist Egon Schiele with his bar mitzvah money. In 2006, Lauder paid a record $135 million for Gustav Klimt’s portrait of Adele Bloch-Bauer, the highest sum paid for a painting sold at auction at that time. The portrait is in the Neue Galerie of NYC, which Lauder founded

Kenneth Griffin - Founder & CEO, Citadel
His purchase of Jasper Johns’ “False Start” for $86 million in 2006 set a new record for the work of a living artist. Even so, Griffin and his wife, Anne Dias-Griffin, also a hedge fund manager, had enough money left over to donate $19 million to the Art Institute of Chicago.

http://www.cnbc.com/id/47263715?slide=2

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Offline Panda Halves

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #8 on: May 03, 2012, 07:26:39 PM »
If all of these 0000's don't demonstrate inflation, I don't what does!

Cover price 10 Cents....
(Action Comics #1 and Detective Comics #27)
  :laugh:

Offline MrOrganic

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #9 on: May 04, 2012, 11:36:52 AM »
The art and comic book prices are coming to precious metal coins as buyers come to the conclusion it is better to own precious metals then paper comics or paper/paint art works.  The Chinese coin market has barely ticked up in price as we look at prices in other markets.  Too much paper currency and it has got to flood somewhere.  PM coins will go nuts.........

I wish we were on the same level "cache" as the art world!
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Offline pandamonium

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #10 on: May 04, 2012, 09:39:22 PM »
Stupid money will come into the PM coin market.  The wind up is beginning but not the pitch, yet.  Incredibly stupid money is sloshing around in the artsy fartsy community.  Would you pay $120 million for a painting of some guy so flipped out he is probably wetting his pants?  Heck no!  But gorgeous Chinese coins made of precious metals looks inviting.  Heavens yes! Too much world wide paper money for few rare artworks and at some point, MCC.  While the rest of the world is down and out the Chinese coin market is a bright spot.  (war w/ Iran could derail it for awhile!)  Our future is so bright, we gotta wear shades...........

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #11 on: May 04, 2012, 09:54:40 PM »
Would you pay $120 million for a painting of some guy so flipped out he is probably wetting his pants?  

I would if I had billions of dollars. I personally don't care for this painting, for that matter its not even a painting but pastel colors. I would have no problem paying even $500M for the Mona Lisa, probably the most recognizable painting to have ever been painted by a human hand, and that would be worth the $500M plus.
MCC is what most of us can afford. I am sure those who cannot afford MCC have the same feeling of stupid money going into overpriced coins.

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Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #12 on: May 12, 2012, 09:06:30 PM »
If all of these 0000's don't demonstrate inflation, I don't what does!

Here may be another example. I also collect Japanese (made in Japan) die cast robots. I have a very nice collection of 1970's to present die cast shogun robots. In September of 2010, I purchased a brand new Danguard die cast shogun robot for $150. (don't know how many were made)
Look what they are selling for today:

sold for $550.
http://www.ebay.com/itm/Yamato-Danguard-A-Ace-GN-U-Planetry-Robot-Figure-Popy-Rare-Sale-Free-Shipping-/130640479933?pt=LH_DefaultDomain_0&hash=item1e6ac786bd#ht_1260wt_933

sold for $500.
http://www.ebay.com/itm/Yamato-Danguard-A-Ace-GN-U-Planetry-Robot-Figure-Popy-Rare-Free-Shipping-Sale-/130646962036?pt=LH_DefaultDomain_0&hash=item1e6b2a6f74#ht_1278wt_933

sold for $480 + $60 shipping.
http://www.ebay.com/itm/YAMATO-THE-GN-U-Planetry-Robot-Danguard-A-Ace-Limited-Metallic-Ver-NEW-RARE-AAA-/300680444122?pt=LH_DefaultDomain_0&hash=item4601f378da


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« Last Edit: May 12, 2012, 09:21:28 PM by exchange »

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #13 on: May 16, 2012, 01:37:48 PM »

Offline pandamonium

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #14 on: May 16, 2012, 03:23:52 PM »
Mind boggling how much money is sloshing around and into items that I do not want.  Why not buy those rare Chinese 10 kilo gold instead of a watch?  All it will take is a small percentage of investment funds to come into MCC to make a huge change.  Lets take a closer look:  Lots of cash in the investment community looking for a home.  China's RMB/Yuan accepted into world and US banks and will increase China's buying power.  The upcoming MCC coin shortage in the US has been accurately predicted by many knowledgable members/sellers/investors.  Low mintage of MCC.  China wants their precious coins back home.......Hmmmmmmmm........Prices must be really cheap about now.  Should one contact news outlets about the future of MCC?  That maybe all it takes to change this market, just get the word out.  What was CNBC's email?...............

Offline PandaZoo

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #15 on: May 19, 2012, 02:28:00 AM »
Please don't Pandamonium, I want to be able to afford pandas as long as I can!  :)

Offline pandamonium

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #16 on: May 19, 2012, 09:56:42 AM »
No problem, I will not contact CNBC.  But if a dozen or so members did contact CNBC and Jim Rodgers than that could turn this market around w/ one interview.  The world does not know about MCC yet.  However, may old community has many coin dealers and they all have Chinese coin collectors so MCC last a few hours in their stores now instead of sitting on the shelf for 6 months.  The public is awakening to MCC.  Rare, old, real, funky Chinese artwork has a real future too.  I am also searching for Chinese stuff.  Have more old coins, artifacts and stamps to look at in a few days.  All it takes is one good score to turn our financial picture around.  The days of easy money in this market will someday end as more particpants enter the market for coins, artwork, etc.  So far, we are ahead of the pack.  Keep collecting!...........

Offline badon

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #17 on: May 19, 2012, 10:55:41 PM »
$2.79 million USD for this camera:

http://www.imaging-resource.com/news/2012/05/14/the-worlds-most-expensive-camera-vintage-leica-sells-for-nearly-3m

The expected price was a small fraction of the final price. Wealthy people are nervous, and they want somewhere safe to put their money. The usual order of things is like this:

1. Art goes crazy.
2. Antiques go crazy.
3. Bullion and coins go crazy.

The period of time between each of those step can be anywhere from a few months to a few years. Since this is the second time through that cycle in the last decade, I think the timescale has been compressed to months. The time horizon I use is about 6 to 18 months.

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #18 on: June 03, 2012, 11:25:26 AM »

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #19 on: June 05, 2012, 09:52:56 PM »
A computer mother board (Apple 1) sold for over $200k in 2010 and this one on Sothebys is expected to match that. In fact this one is completely original as oppose to the one from 2010 and I would not be surprised if it fetched a lot more. People sometimes just have to much money.

http://www.computerworld.com/s/article/9227521/Sotheby_s_to_auction_rare_working_Apple_1_computer


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Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #20 on: June 07, 2012, 11:03:55 AM »
Apple 1 - ORIGINAL motherboard, with Cassette Interface Card sold for $75,600.
Make that $76,100, shipping of $500!

I hope for the sake of who ever purchased this that Apple stays in business for a very long time.

http://www.ebay.com/itm/Apple-1-ORIGINAL-with-Cassette-Interface-Card-/160810171525?pt=US_Vintage_Computers_Mainframes&hash=item2571087c85


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Offline badon

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #21 on: June 07, 2012, 06:30:11 PM »
Apple wouldn't need to stay in business for that to remain valuable. Thomas Edison's products are quite valuable despite the fact his business is no longer in existence. The people of early Apple, Microsoft, etc might be viewed similarly to Thomas Edison, in the future.

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #22 on: June 07, 2012, 09:55:34 PM »
The people of early Apple, Microsoft, etc might be viewed similarly to Thomas Edison, in the future.

I'm not sure about that. I would not put that much faith in corporate America, where profits are more important than values. It was the other way around once.

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Offline badon

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #23 on: June 07, 2012, 10:28:50 PM »
Hah, Thomas Edison was notorious for his corruption. He had thugs working for him that would violently attack his competitors until they were no longer his competitors.

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #24 on: June 07, 2012, 10:43:40 PM »
Hah, Thomas Edison was notorious for his corruption. He had thugs working for him that would violently attack his competitors until they were no longer his competitors.

mmm, you may be right on this one.

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Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #25 on: June 16, 2012, 08:20:02 AM »
IMO, this is a FAD with no real justification for such a price. Apple is the name of the day loved by all the media. With this kind of money you can truly purchase works of arts by well known centuries old artists.

"Apple I computer fetches $374,500 at NY auction".

http://in.reuters.com/article/2012/06/15/auction-applecomputer-idINL1E8HFIRN20120615


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Offline badon

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #26 on: June 16, 2012, 08:38:48 PM »
Rare and important collectibles are routinely exceeding auction estimates by several multiples. Common collectibles are routinely selling for fractions of auction estimates. It pays to buy the best you can afford. I don't think it's a fad, I think it's a trend. That Apple 1 computer is a very significant part of early computer history. Someday it could be truly shocking what it is worth ($375k isn't shocking to you already).

I seem to remember an early 1950's surfboard selling for over $500,000 during the last few years. If a surfboard can do that, I see no reason why a computer can't do that and more, given the same amount of time and equally obsessive interest among buyers. Important early cars might be a good example of technology that has a large base of wealthy auction fanatics that keep prices unbelievably high. Cameras too. Airplanes, surgical equipment, microscopes...

The only technology that seems to routinely sell for peanuts is industrial production equipment, particularly agricultural. I've seen important industrial equipment that played pivotal roles in winning major wars, and they can't even be sold for scrap metal prices. You have to pay somebody to haul it away, and take that out of the scrap metal value.

It's possible that even important computers might be viewed that way in the future. That is the primary reason why all computer technology has a low survival rate. It does its job, then it gets discarded - often at high expense as hazardous waste. If only I had a bigger crystal ball... :)

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #27 on: June 16, 2012, 09:39:11 PM »
The first consumer computer was the Scelbi & Mark IBM 5100 1974/1975, the Apple 1 came out a couple of years later. Apple was not the first consumer computer and those prices cannot be justified. Right now everyone is riding the Apple wave, and behold if anyone publicly happens to say anything bad in the media about Apple, their job may be on the line. That's what IMO has driven prices up for anything that is "Apple vintage".

If what I consider a collectible to be just that, it cannot be common. Sometimes, actually often, buying the best you can afford is not always the best way to go. I look for "rare", and "important" collectibles before people figure out that they are indeed rare and important. It can take only one instance to make up for all the wrongs in trying to identify an important item. The money spent on those wrongs for the most part would be insignificant because no one wanted them in the first place so the risk \ reward ratio would be in your favor. Learning the history and culture of a particular item regardless of country of origin is key in identifying future gems.


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Offline badon

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #28 on: June 16, 2012, 09:49:36 PM »
Excellent insights from you, once again! That is absolutely true, the best investment is often the unpopular things that people don't bother to preserve. That same phenomenon occurs in all hard asset markets. You have given us many examples in books, coins, and probably other things I have forgotten about.

Thanks Exchange!

Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #29 on: July 30, 2012, 10:54:09 AM »
And we worry about spending a few hundred dollars more for a coin!

Mystery Billionaire Builds World's Largest Yacht.
"The mega-yacht wars have escalated, with a Middle-Eastern billionaire building a 590-foot ship that’s expected to be the largest yacht in the world when it launches next year. The vessel is expected to cost more than $500 million"......


http://www.cnbc.com/id/47446691


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Offline exchange

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Re: 'The Scream' Fetches Record $120 Million at Auction
« Reply #30 on: November 14, 2012, 09:13:33 PM »
I don't know what to make of the painting. I am all for art and truly appreciate its beauty, but I sincerely can't figure out how four painted rectangles sold this high.

"Rothko Fetches $75 Million at Record-Setting Sotheby’s Sale"

"In a Nov. 13 sale that scored a record total for Sotheby’s auction house—$375,149,000 in one night, beating the previous record by more than $13 million—a canvas by the abstract expressionist Mark Rothko led the night with a whopping $75.1 million sale (including fees). The painting, No. 1 (Royal Red and Blue), went to an anonymous bidder for the second-highest amount of any Rothko in history, far more than the pre-sale estimate of between $35 and $50 million. The price was surpassed only by the nearly $87 million, according to the New York Times, that was fetched by the Rothko painting Orange, Red, Yellow earlier this year.

The Rothko, which Sotheby’s said in a statement is a seminal “masterpiece” and which is nearly ten feet tall, was one of only eight works that the artist personally selected for his 1954 solo show at the Art Institute of Chicago. It then remained in the collection of the same person for three decades. It was consigned by Anne Marion of Fort Worth, Tex., according to Bloomberg.

Other highlights from the  69-lot contemporary art auction include Jackson Pollock’s Number 4, 1951, which sold for $40.4 million; Francis Bacon’s Untitled (Pope), which sold for $29.8 million; Willem de Kooning’s Abstraction, which sold for $19.7 million; and Gerhard Richter’s Abstraktes Bild, which sold for $17.4 million. In addition, an Andy Warhol silkscreen, the 1964 print Suicide, sold for $16.3 million and set a record price for a Warhol work on paper.

In 2012, Sotheby’s has raised a total of more than $1 billion.”If you’re looking for evidence that today’s market is alive and well,” said Tobias Meyer, Sotheby’s Worldwide Head of Contemporary Art, in a statement, “ look no further.”"

http://entertainment.time.com/2012/11/14/rothko-fetches-75-million-at-record-setting-sothebys-sale/?hpt=hp_c3


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Offline fractalfate

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