What is the Most Expensive Painting of Abstract Art Ever Sold?
Nov 16, · "Salvator Mundi," a year-old painting by Leonardo da Vinci, had just sold for $ million. It was the most expensive painting ever sold at auction. What . Most Expensive Paintings Ever Sold. Whether it's via auction or private sales, artworks by big-name painters have drawn record-breaking prices in recent years. Some buyers are billionaire art collectors seeking a trophy piece to hang in their mansion. Others are investors with eyes on resale profit.
For the latest business news and markets data, please visit CNN Business. What makes the stratospheric price even more remarkable? Back then, skeptics dismissed it as a copy of the Old Master's work. The record price at Wednesday's auction defied critics who remain skeptical about the painting's provenance. The painting was lost in the 18th century, and then resurfaced in the 20th. The rest goes to Christie's. The buyer is unknown. Works mots art have drawn record-breaking prices at auction lately.
Still, nine-digit auction house prices, like the one this week, are not what the art market is really all about. Highly doubtful," said Maneker. Possibly, but I don't think the Leonardo [sale] points directly toward that. For every winning bidder, Maneker said, there are half a dozen dealers who were outbid and are now hunting for other prizes. Both the Sotheby's and Christie's auctions slod going in New York are peppered with paintings like this, and he said we're likely to see more of that when they start their London season in March.
But don't expect to see another da Vinci on the block. His other paintings are in museums, and not for sale. We're no longer maintaining this page. Personal Finance. CNNMoney Sponsors. SmartAsset Paid Partner. How to download movies from utorrent 3.3 are your 3 financial advisors near you This site finds and compares expemsive financial advisors in your area Check this off your list before retirement: talk to an advisor Answer these questions to find the right financial advisor for you Find CFPs in your area in 5 minutes.
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Return on Investment
Sep 22, · To date, the most expensive painting ever sold is an abstract landscape by Willem de Kooning called Interchange, which sold for $ Million in The painting fetched that record-breaking price in a private sale to the Chicago hedge fund manager Kenneth C. Griffin, as part of a $ Million package that included the painting Number 17A by.
While we love exploring the less tangible qualities of abstract art, we are also keenly aware that it can be a wonderful financial investment. The painting fetched that record-breaking price in a private sale to the Chicago hedge fund manager Kenneth C. What made Interchange so valuable? It might have something to do with its unique story, and the connections it has with some of the most fascinating names in modern American history.
Return on Investment Interchange originally sold in , the year de Kooning painted it. The buyer was an architect. His name was Edgar J. Kauffman Jr. Architecture buffs may also know the Kauffman family for another reason. They owned Fallingwater, the seminal professional accomplishment of the architect Frank Lloyd Wright. Considered one of the most important architectural sites in America, Fallingwater was commissioned by Edgar J.
Kauffman Sr. When the senior Kauffman died in , he bequeathed the house to his son, who that same year also purchased Interchange from de Kooning. Eventually, Kauffman Jr. News reports from that year are dominated by stories about what we now know was one of the biggest bubbles the art market has ever seen: a bubble fueled by a massive surge in prices driven by wealthy Japanese speculators.
One of the biggest names in late s Japanese modern art collecting was a firm called Mountain Tortoise. Just one year later, the bubble burst. Mountain Tortoise had to sell Interchange immediately after buying it. The benefit of their loss was an aspiring art collector from the entertainment industry named David Geffen.
Geffen began his professional career in , beginning as a mailroom attendant at a talent agency in Los Angeles. In nine years he worked his way up to talent agent, and by started his own record label, called Asylum Records. By the time David Geffen bought Interchange he was on his way to becoming one of the wealthiest people in America, and amassing one of the most renowned modern art collections in the world.
Stylistically, Interchange marks one of the most transformative eras in the career of one of the most important abstract artists of the 20th Century.
In addition to being an influential painter himself, Willem de Kooning was a vital connecting force between his contemporaries. Throughout the period when these artists struggled, de Kooning remained a passionate cheerleader for their work. Interchange was painted right when the fortunes of de Kooning and his contemporaries were undergoing a massive change.
They were becoming financially stable, many for the first time, meaning they had the opportunity to make new choices, both professionally and personally. For de Kooning this manifested in a gradual taming of his notoriously wild lifestyle, culminating with a move to a farmhouse in East Hampton.
Creatively, it manifested in the start of an year period spent painting abstract landscapes, of which Interchange was one of the first. Interchange also speaks to a technical change in the way de Kooning painted. It was painted during a time when he worked closely with Franz Kline.
Both painters had iconic personal styles. Kline was known for intuitive, quick brush strokes and a black and white palette. De Kooning was known for violently attacking his canvases, thrusting his brushes so dramatically against them that he would often puncture their surfaces. He would also work his paintings repeatedly, over long spans of time, scraping the paint away and adding more layers, giving them a sense that they were simultaneously overworked and yet never finished.
Kline and de Kooning influenced each other in ways that evolved both of their styles. Interchange is a prime early example of the resulting aesthetic and textural shift de Kooning underwent in the mids. Willem de Kooning - Interchange detail , , Oil on canvas, Private collection. Is it the timing of its creation, the relevance of its creator and the stories of the collectors who have owned it?
After all, the story of Interchange touches on the rise and fall of the family business, the roots of American architecture, the globalization of the art market and the rise and fall of the record industry. And now it is in the hands of a hedge fund manager who founded one of the most powerful global finance firms.
But there is something else that gives it value as well. Few paintings more succinctly capture a moment in time. That magazine article was a major reason de Kooning and the other Abstract Expressionists were able to finally make a living from their art.
Together these two paintings represent the moment when the United States gave rise to its first native modern art movement. Interchange is not only valuable as an object. Its value is in its myth. Featured Image: Willem de Kooning - Interchange, , oil on canvas, Login Register 0 Your cart is empty.
Artworks Artists Magazine Contact. Your cart is empty. Toggle navigation. Sep 22, While we love exploring the less tangible qualities of abstract art, we are also keenly aware that it can be a wonderful financial investment.
The Geffen Years Just one year later, the bubble burst. Share this Article:. Articles That You May Like. Apr 4, Oct 10,