Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • UN Security Council calls for Israeli-Palestinian ceasefire

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • France’s Kadri wins eighth stage at Tour de France

    Read more

  • Legal challenge to French mayor’s ban of Muslim hijab on beach

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Iraqi forces ‘executed prisoners in reprisal’ for ISIS killings

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

Culture

Rothko painting sets auction record at $87 million

©

Text by News Wires

Latest update : 2012-05-09

The Mark Rothko abstract painting “Orange, Red, Yellow” has set a new auction record for contemporary art, fetching nearly $87 million in a sale that showed the strength of the art market despite global economic gloom.

REUTERS - A Mark Rothko 1961 oil painting set a new auction record for post-war art on Tuesday, soaring to $87 million, while works by Gerhard Richter, Jackson Pollock, Yves Klein and Alexander Calder smashed artists' records at Christie's blockbuster sale that achieved the highest-ever total for post-war art.

The auction house realized a total of $388.5 million including commission against a pre-sale estimate of $236 million to $330 million, led by Rothko's "Orange, Red, Yellow."

The large-scale work from the Pincus collection soared to $86,882,500, breaking the artist's record of $72.84 million and eclipsing the $86.3 million paid for Francis Bacon's "Triptych, 1976" in 2008 as the most expensive post-war artwork at auction.

With 59 lots on offer only three failed to sell, an almost unprecedented sell-through rate as determined bidders drove prices for many top-priced works well beyond their high estimates.

The staggering numbers seemingly bore out auction officials' contention that the art market, at least at the top echelons, continues to defy world economic and geo-political strife.

"It was phenomenal," said Koji Inoue, Christie's specialist in charge of the sale. "It was something unprecedented."

"The market really responded," said Brett Gorvy, Christie's international head of post-war and contemporary art.

"It's a very knowledgeable market, a very sophisticated market," he said, adding that "complete global market bidding as well as incredibly strong American bidding" was evident.

"We saw very seasoned collectors, as well as new collectors coming forward," Gorvy said, in line with auction house officials' confident predictions in the days before the sale.

Five works sold for more than $20 million, while 11 of the 40 artists whose work was represented set new records.

Works from the collection of Philadelphia art patron and humanitarian David Pincus, who died in December, were led by the Rothko and achieved a total of $175 million, well above the $100 million estimate.

Some analysts said ahead of this week's sales at Christie's and rival Sotheby's that some works seemed aggressively priced, but the appetite for top-quality works of contemporary art appeared powerful.

"It just proved that there's insatiable demand," Inoue said. "The interest is just so deep."

Pollock's "Number 28, 1951," one of the artist's seminal drip paintings, and Barnett Newman's "Onement V," both from the Pincus collection, fetched $23 million and $22.5 million respectively. The Pollock more than doubled the artist's record, while the Newman sold for more than four times the old mark.

Klein's "FC1 (Fire Color 1)" sold for $36.5 million, 50 percent more than the previous record of $23.56 million, with a portion of the proceeds earmarked for the environmental non-profit Oceana.

Other artists setting records included Jeff Wall, Josef Albers, Vija Celmins and Sherrie Levin. The record for Calder, known for mobile sculptures, was broken twice at the sale, with a standing mobile "Lily of Force" fetching $18.56 million.

Richter's "Abstraktes Bild" soared far past the $16 million estimate to sell for $21.8 million, while Willem de Kooning's untitled work from 1980 easily beat the $10 million estimate, going for $14.1 million.

The auctions wrap up on Wednesday when Sotheby's, which last week set a record for any art at auction when Edvard Munch's "The Scream" sold for $120 million, holds it sale of post-war and contemporary art auction.

Date created : 2012-05-09

  • CONTEMPORARY ART

    Paris contemporary art fair starts upbeat despite crisis

    Read more

  • CONTEMPORARY ART

    Paris celebrates tenth year of ‘all-nighter’ art party

    Read more

  • ART

    France's modern art museum opens regional offshoot

    Read more

Comments

COMMENT(S)