Assignment 11: The Price of Art

Francis Bacon, "Three Studies of Lucian Freud"

Vincent Van Gogh, "Portrait of Doctor Gachet" 

Francis Bacon's tryptic "Three Studies of Lucian Freud" sold for $142.4 million in November 2013. Christie's auction house was expecting the tryptic to sell for $85 million (New York Times). The tryptic was sold to an unnamed buyer. "Three Studies of Lucian Freud" is considered the most expensive art piece ever sold at an auction, this is not considering inflation. With inflation included, the most expensive piece of art ever sold at an auction is Vincent Van Gogh's portrait of Dr. Gauche. The portrait sold for an estimated $82 million, but with inflation included it would be worth $147 million.

"Three Studies of Lucian Freud" was sold in less than six minutes. Christie's had a record-breaking auction that had a profit of $691,583,000 in one day. (CNN)

This is not Francis Bacon's first tryptic that broke previous records of most expensive art pieces (inflation not included) at an auction house. Francis Bacon's tryptic "Triptych, 1976" sold for $86, 281,000 in 2008. (New York Times).

Peter Paul Rubens, "Massacre of the Innocents"

Peter Paul Rubens's "Massacre of the Innocents" was rediscovered in a dark hallway of a monastery in Austria, that went for auction at Sotheby's in London. Rubens's "Massacre of the Innocents" was sold for $76.7 million, considered the third-highest price paid for an art piece at an auction. Sam Fogg was the winning bidder, and he would not release the name of his client. Fogg won the auction against quite a few museums (New York Times).

Claude Monet's "Water Lily Pond"

Claude Monet's "Water Lily Pond" sold for $80,379,591 in June 2008 at an auction at Christie's. Monet rarely sold his oil paintings of his water garden. The four paintings were signed and dated by Monet, which he rare signed. There was only one for auction at Christie's. The other painting is located in the Metropolitan Museum of Art in New York, one is in a private collection, and the last one was destroyed before World War II (USA Today).

These famous art pieces are some of the most expensive art pieces sold at an auction. An extraordinary price, some of the prices may be outrageous. The art world is confusing, and there are many reasons why these pieces sold for such a high price. The historical context, signature, the relationship of the painting, personal preference, status of wealth, and simple economic supply and demand. There is one painting, and many people want the art piece. The art world can be unpredictable, but it is sadly a game of the wealthy.

1. http://www.nytimes.com/2013/11/13/arts/design/bacons-study-of-freud-sells-for-more-than-142-million.html?_r=0

2. http://www.cnn.com/2013/11/12/us/francis-bacon-painting-art-auction/

3. http://www.nytimes.com/2008/05/15/arts/design/15auction.html

4. http://www.nytimes.com/2002/07/11/arts/a-rubens-brings-76.7-million-at-london-auction.html

5. http://usatoday30.usatoday.com/news/world/2008-06-24-art_N.htm

Francis Bacon, "Triptych 1976"