Francis Bacon’s Three Studies of Lucian Freud, 1969. (Click on image to enlarge it).
Francis Bacon’s Three Studies of Lucian Freud became the most valuable painting ever sold at auction when it made $142,405,000 at Christie’s in New York last night. There was at least six bidders for the work. Christie’s November sale surpassed its record breaking May result and achieved $691,583,000 – the highest auction total in art market history. The sell through rate at the Post War and Contemporary Art evening sale was 98% by value and 91% by lot. Eleven of 69 lots sold for more than $20 million and only six failed to find buyers.
There were ten world auction records: Bacon, Jeff Koons, Christopher Wool, Lucio Fontana, Donald Judd, Wade Guyton, Vija Celmins, Ad Reinhardt, Willem de Koning and Wayne Thiebaud. Balloon Dog by Jeff Koons sold for $58,405,000 to become the most expensive work by a living artist sold at auction.
“We are thrilled to announce an historic total of $691.6 million for this evening’s sale of Post-War and Contemporary Art. It is the second time this year that Christie’s has broken the highest total in auction history,” said Brett Gorvy, Chairman and International Head of Post-War and Contemporary Art. “Collectors from 42 countries registered tonight with strong bidding from American, European and Asian collectors but also from institutions. The sale was heavily focused on icons and masterworks, achieving an astonishing 10 record prices and breaking the record for any work of art ever sold at auction. Beyond the records, 10,000 art lovers flocked to Christie’s galleries in the last week to engage with and enjoy the remarkable selection of artworks on display.”
Christie’s two-day auction series devoted to Post-War and Contemporary Art achieved a grand total of $ 782,368,375
(See posts on antiquesandartireland.com for September 10, 2013 and October 10, 2013).