There’s a booming art market that’s defying political and economic downturns for the past 10 years globally. In a generally unstable economic context in recent years, the Art Market has shown remarkable stability and resilience.
Let us take a look at some of the most expensive artworks ever sold.
$250 million. The Card Players by Paul Cézanne,2011.
The exact price of The Card Players (even the currency of sale) is not known, with estimates from $259 million to even $320 million. The Card Players is a series of oil paintings by the French Post-Impressionist artist Paul Cézanne.
$170.4 million. “Nu Couché (Reclining Nude)” by Amedeo Modigliani, 1917-18.
Chinese Billionaire art collector Liu Yiqian was the winning bidder for Amedeo Modigliani’s Reclining Nude at a Christie’s auction house in November 2015.
$155 million. La Rêve (The Dream) by Pablo Picasso, 1932.
“La Rêve (The Dream)” is one of Picasso’s most sensual and famous paintings, depicting her lover Marie-Therese Walter sitting on a red armchair with her eyes closed.
$142,4 million. Three Studies of Lucian Freud by Francis Bacon, 1969.
Not only the most expensive painting ever auctioned, but also a record for a contemporary work of art. Christie’s explained that when this work was painted, “the relationship between Freud and Bacon was at its apex”.
$140,000,000. Jackson Pollock – No.5, 1948.
It is claimed by the New York Times that this painting was sold by David Geffen (of Geffen Records), to David Martinez (managing partner of Fintech Advisory). However, a press release issued on behalf of Martinez states that he didn’t actually purchase the painting. So the truth is shrouded in mystery, and it can only be rumored to have sold for a record-breaking $140 million.
$135,000,000. Gustav Klimt – Portrait of Adele Bloch-Bauer I.
This was sold by Maria Altmann, who – after a lengthy and complicated court battle – was deemed rightful owner of this Klimt and several others. Altmann was named as an inheritor of the painting in the will of by the widowed husband of the model herself, despite the efforts of the Austrian State, as Adele Bloch-Bauer had originally left the painting to the State Gallery in her own will. The painting was bought by Ronald Lauder, to be the centerpiece of a collection of Jewish-owned art rescued from the Nazi looting that took place in the Second World War.
$119.9 million. The Scream by Edvard Munch, 1895
This iconic work was the most expensive painting ever sold at auction until it was surpassed by Bacon’s “Three Studies of Lucian Freud”. The work is the most colorful of the four versions of Edvard Munch’s masterpiece “The Scream”, and the only one still in private hands.
$110.5 million. Untitled by Jean Michel-Basquiat, 1982.
Japanese E-commerce guru Yusaku Maezawa snapped up an untitled Jean-Michel Basquiat painting from 1982 (estimate $60 million) for a whopping $110.5 million in 2017, eliciting gasps from the auction room crowd.
$86,300,000. Francis Bacon – Triptych, 1976.
Breaking the previous sale record of his work ($52.68 million), Bacon’s 3-piece masterpiece was sold to Russian billionaire Roman Abramovich, smashing the previous estimate of $70 million.
$82,500,000. Vincent van Gogh – Portrait of Dr. Gachet.
Up for auction in 1990 and purchased by Japanese businessman Ryoei Saito, this was – at the time- the most expensive painting in the world. Saito (then 75) caused controversy at the time, stating that when he died, he’d have the painting cremated along with him. This was later cleared up as he claimed that he was only using the expression to show his intense affection for it.
$80 million. Turquoise Marilyn by Andy Warhol, 1964-2007.
Bought by Mr. Steve Cohen, the price was not confirmed but is generally accepted to be true.
$75.1 million. No 1 (Royal Red and Blue) by Mark Rothko, 2012.
The majestic canvas was one of eight works hand-selected by Rothko for his landmark solo show of the same year at the Art Institute of Chicago.
Living Chinese Contemporary Artists
While the United States remains the largest market for the sale of fine art by value, the Chinese market has continued to hold its own at the number two position. The sheer volume of China’s market has kept it firmly in place and living Chinese contemporary artists have become a force to be reckoned with worldwide.
Zeng Fanzhi
The Last Supper (2001) sold at Sotheby’s Hong Kong on October 5, 2013, for $23,269,070.
Jin Shangyi
Tajik Bride (1983) sold at China Guardian Auctions Co., Ltd. on November 16, 2013, for $13,967,306.
Zhang Xiaogang
Bloodline: Big Family No. 3 (1995) sold at Sotheby’s Hong Kong on April 5, 2014, for $12,144,809.
Cai Guo-Qiang
Drawing for Asia-Pacific Economic Cooperation (2002) sold at Christie’s Hong Kong on November 25, 2007, for $9,545,957.
Liu Xiaodong
Disobeying the Rules (1996) sold at Sotheby’s Hong Kong on Sunday, October 5, 2014, for $8,530,818.
Fang Lijun
Series 2 No. 4 (1992) sold at Sotheby’s Hong Kong on October 5, 2014, for $7,664,849.
Luo Zhongli
Spring Silkworm (Mother) (1983) sold at Poly International Auction Co., Ltd. on June 1, 2014, for $6,994,462.
Yue Minjun
Gweong-Gweong (1993) sold at Christie’s Hong Kong on May 24, 2008, for $6,932,517.