Picasso painting sells for US$179M; Giacometti sculpture US$141M

[webfact]

Picasso painting sells for $179M; Giacometti sculpture $141M
DEEPTI HAJELA, Associated Press
ULA ILNYTZKY, Associated Press

NEW YORK (AP) — A vibrant, multi-hued painting from Pablo Picasso set a world record for artwork at auction, selling for $179.4 million on Monday night, and a sculpture by Alberto Giacometti set a record for most expensive sculpture, at $141.3 million.

Picasso's "Women of Algiers (Version O)" and Giacometti's life-size "Pointing Man" were among dozens of masterpieces from the 20th century Christie's offered in a curated sale titled "Looking Forward to the Past."

The Picasso price, $179,365,000, and the Giacometti price, $141,285,000, included the auction house's premium. The buyers elected to remain anonymous.

Overall, 34 of 35 lots sold at Monday's auction for a total of $706 million.

Experts say the prices were driven by artworks' investment value and by wealthy collectors seeking out the very best works.

"I don't really see an end to it, unless interest rates drop sharply, which I don't see happening in the near future," Manhattan dealer Richard Feigen said.

Impressionist and modern artworks continue to corner the market because "they are beautiful, accessible and a proven value," added Sarah Lichtman, professor of design history and curatorial studies at The New School.

"I think we will continue to see the financiers seeking these works out as they would a blue chip company that pays reliable dividends for years to come," she said.

"Women of Algiers," once owned by the American collectors Victor and Sally Ganz, was inspired by Picasso's fascination with the 19th-century French artist Eugene Delacroix. It is part of a 15-work series Picasso created in 1954-55 designated with the letters A through O. It has appeared in several major museum retrospectives of the Spanish artist.

The most expensive artwork sold at auction had been Francis Bacon's "Three Studies of Lucian Freud," which Christie's sold for $142.4 million in 2013.

"Pointing Man," depicting a skinny 5-foot (1.5-meter)-high bronze figure with extended arms, has been in the same private collection for 45 years. Giacometti, who died in 1966, made six casts of the work; four are in museums, and the others are in private hands and a foundation collection.

His "Walking Man I" had held the auction record for a sculpture. It sold for $104.3 million in 2010.

Among other highlights at Christie's was Peter Doig's "Swamped," a 1990 painting of a canoe in a moonlit lagoon, which sold for slightly less than $26 million, a record for the British artist.

Monet's "The Houses of Parliament, At Sunset," a lush painting of rich blues and magenta created in 1900-01, sold for $40.5 million, in line with pre-sale estimates but well short of a record for the artist.

Christie's also had a Mark Rothko for sale. "No. 36 (Black Stripe)," which had never appeared at auction, also sold for $40.5 million, on par with predictions. The 1958 work was sold by German collector Frieder Burda, who exhibited it in his museum in Baden-Baden for several years.

Last year, Christie's said its global sales of impressionist and modern art were $1.2 billion, an increase of 19 percent over the previous year.


-- (c) Associated Press 2015-05-12

[Thaddeus]

Anyone want to know what's wrong with this world?

[boomerangutang]

Here are some of the reasons such paintings get so much money behind them:

>>> prestige, bragging rights

>>> hedge against inflation

>>> hope values climb further - by the time it goes up for sale next time

>>> collateral for loan

The reality is: it's not a very artistic painting (same for all Picasso's). There are paintings by old masters, by impressionists, by contemporary painters, house-bound grannies, sidewalk vendors, 3rd grade kids, front lawn creations - which have a lot more artistic value to an objective viewer. However, no one over the age of 5 is an objective viewer. Every one knows the name Picasso (who was a full-time self-promoting exhibitionist) - so the hype continues. Note: nearly every painter, including and since the impressionists, who's paintings sell in the $$tens of millions, has lived in either London, Paris or NY. A few exceptions resided in Vienna or Venice or L.A. Yet the pattern is there: If a person wants the best chance to be ridiculously famous as an artist, that person has to do their work and self-promotion in the largest cities of the US or Europe. If a person an excellent painter, and doesn't reside and self-promote in those cities' fogedaboudit.

[Humberstone]

I think Picasso is a fantastic artist, but each to their own .On the other hand, I can't understand why anyone would pay more than $10 for a Mark Rothko painting.

(BTW:- there's a very good docuemtary on YouTube by the BBC on the list of most expensive paintings and who owns them)

[Sviss Geez]

Here are some of the reasons such paintings get so much money behind them:

>>> prestige, bragging rights

>>> hedge against inflation

>>> hope values climb further - by the time it goes up for sale next time

>>> collateral for loan

...

So what?

[veyron18]

It is not only about the beauty of the piece but also the best investment ever. Art is the number one investment, before real estate and stocks.

The other reason is, art plus-value is deducted from tax in many countries.

If you want to save tax, you buy for 40 millions, you sell 60 million, the 20 millions will be deducted from your tax. Isn't it a great way to evade tax?

[boomerangutang]

Here are some of the reasons such paintings get so much money behind them:

>>> prestige, bragging rights

>>> hedge against inflation

>>> hope values climb further - by the time it goes up for sale next time

>>> collateral for loan

...

So what?

the 'so what' covers many areas. Picasso is a wildly successful brand more than a great creative artist, if you ask me. But noone wants to know opinions like mine, because we're not backing the hype. It's like the Emperor's New Clothes story.

A world-class copier of famous paintings (he made original works based on the famous artists' style, and pretended to 'find' the paintings). He was so good at what he did, (including providing fake 'provenance') that his creations (using famous but recently dead artists' names) would fetch bigger bids/values at Christie's than the best paintings of the original painter, whose name the copier was using. In other words, the copier could out-Picasso Picasso. When asked if he could copy Picasso's style, he scoffed and said Picasso was child's play for a copier.

Even though the copier did 5 years in jail (he was caught using titanium white), he's under oath to not reveal who owns his many sold paintings. Reason: Authorities don't want the many millionaires and galleries to know they're owning/displaying fakes. If you got all the best copy artists in a room and had them speak frankly about who owned which of their fakes, the numbers and names would probably be staggering. But they're not talking. It's not good for business to name the people you've hoodwinked.

[SOTIRIOS]

...couldn't include a pic for us to admire....or otherwise...???

[steven100]

I'm thinking about taking up painting .....

[Linky]

I'll take 2 for 1

[JetsetBkk]

My opinion - and I don't give a 4-X that you don't want it - is that it is complete rubbish.

[elgordo38]

Anyone want to know what's wrong with this world?

For the rich its simple artworks appreciate more than money in the bank (where us poor suckers park our money for nothing). These prices are not only obscene but insane. It only goes to show the large and increasing disparity between the rich and the rest of us.

[elgordo38]

It is not only about the beauty of the piece but also the best investment ever. Art is the number one investment, before real estate and stocks.

The other reason is, art plus-value is deducted from tax in many countries.

If you want to save tax, you buy for 40 millions, you sell 60 million, the 20 millions will be deducted from your tax. Isn't it a great way to evade tax?

Any links backing this up? Sounds crazy to crazy to believe. Governments are not that crazy to overlook this type of income.

[NeverSure]

Anyone want to know what's wrong with this world?

For the rich its simple artworks appreciate more than money in the bank (where us poor suckers park our money for nothing). These prices are not only obscene but insane. It only goes to show the large and increasing disparity between the rich and the rest of us.

Your inner beliefs will and did assure that you didn't get your share of what life has to offer. If you think something is or will be true, for you it will.

While you were occupied with and bound by your belief system, Bill Gates became the richest man in the world from humble middle class beginnings. He's also a college dropout.

Again, if you think opportunities aren't available for you, they won't be. For you.

"On the corner of a sleepy street in Omaha, Nebraska sits a neat two-story Tudor home, much like the ones around it. Blink and you’ll miss it but this house holds an important place in history—it’s where Warren Buffett grew up. Link

Warren Buffett's childhood home. He's now the second richest man in America - worth about 72 billion dollars. He started with a Coca Cola stand.

Edited May 12, 2015 by NeverSure

[boomerangutang]

Anyone want to know what's wrong with this world?

For the rich its simple artworks appreciate more than money in the bank (where us poor suckers park our money for nothing). These prices are not only obscene but insane. It only goes to show the large and increasing disparity between the rich and the rest of us.

Your inner beliefs will and did assure that you didn't get your share of what life has to offer. If you think something is or will be true, for you it will.

While you were occupied with and bound by your belief system, Bill Gates became the richest man in the world from humble middle class beginnings. He's also a college dropout.

Again, if you think opportunities aren't available for you, they won't be. For you.

"On the corner of a sleepy street in Omaha, Nebraska sits a neat two-story Tudor home, much like the ones around it. Blink and you’ll miss it but this house holds an important place in history—it’s where Warren Buffett grew up. Link

Warren Buffett's childhood home. He's now the second richest man in America - worth about 72 billion dollars. He started with a Coca Cola stand.

1501.jpg

Money is good for some things. But of the people I know, the richest aren't the most content. Even people with lots of money are often insecure, nervous, tense, discontent, and humorless.

[Thaddeus]

Anyone want to know what's wrong with this world?

For the rich its simple artworks appreciate more than money in the bank (where us poor suckers park our money for nothing). These prices are not only obscene but insane. It only goes to show the large and increasing disparity between the rich and the rest of us.

Your inner beliefs will and did assure that you didn't get your share of what life has to offer. If you think something is or will be true, for you it will.

Good grief.

What star sign are you.

People need to know.

P.S. I wasn't there on the day you were born to witness the event, but there is conclusive evidence proving that it happened.

[manarak]

Anyone want to know what's wrong with this world?

the answer is easy: fiat money loses value when measured against real wealth items, i.e. real estate, commodities, art...

[boomerangutang]

Anyone want to know what's wrong with this world?

the answer is easy: fiat money loses value when measured against real wealth items, i.e. real estate, commodities, art...

You're right. I had a Fiat in 1969, and lost money on it.

[steven100]

I'm thinking about taking up painting .....

I've already started painting a picture of people similar to the Picasso one ...

If anyone is interested in buying it at rock bottom price ... please contact me ...

It could increase to millions in years to come .....

[White Christmas13]

I wonder why Hitler never sold any paintings he was a painter was he?

[Asiantravel]

There are so many Picasso paintings out there --held by his heirs. Like hundreds still in private hands. What would happen if a grandchild wanted to dump her collection on the market? That would be interesting.

[cantplay]

What do ya think?

Edited May 13, 2015 by cantplay

[Anthony5]

My opinion - and I don't give a 4-X that you don't want it - is that it is complete rubbish.

That must be a copy, because I bought the original at Royal garden.

Edited May 13, 2015 by Anthony5

[Anthony5]

There are so many Picasso paintings out there --held by his heirs. Like hundreds still in private hands. What would happen if a grandchild wanted to dump her collection on the market? That would be interesting.

Each painting is as exclusive as the next one, so if you think that would deflate the value, you're wrong.

[JetsetBkk]

What do ya think?

pigs.jpg

Must be worth at least 200 million.

(Zimbabwean dollars)

[boomerangutang]

My opinion - and I don't give a 4-X that you don't want it - is that it is complete rubbish.

That must be a copy, because I bought the original at Royal garden.

Pure genius! Look at the stripes, red on green, red on yellow, wow, fantastic! ...and the foot with four toes showing, marvelous! At that selling price, the buyer must have paid $45,000 per toe, what a deal!

[JetsetBkk]

My opinion - and I don't give a 4-X that you don't want it - is that it is complete rubbish.

That must be a copy, because I bought the original at Royal garden.

Pure genius! Look at the stripes, red on green, red on yellow, wow, fantastic! ...and the foot with four toes showing, marvelous! At that selling price, the buyer must have paid $45,000 per toe, what a deal!

Don't forget the bum right in the middle, and the Queen of Hearts on the left. Or is it Clubs?

[manarak]

My opinion - and I don't give a 4-X that you don't want it - is that it is complete rubbish.

That must be a copy, because I bought the original at Royal garden.

Pure genius! Look at the stripes, red on green, red on yellow, wow, fantastic! ...and the foot with four toes showing, marvelous! At that selling price, the buyer must have paid $45,000 per toe, what a deal!

45 million per toe, not thousands ...

[boomerangutang]

If my 6 yr old came home from school with a painting that ugly, I'd pat him on the head and tell him, with a kind smile, what a nice painting. Then, when he's hot looking, I'd drop it in the trash.

[steven100]

If my 6 yr old came home from school with a painting that ugly, I'd pat him on the head and tell him, with a kind smile, what a nice painting. Then, when he's hot looking, I'd drop it in the trash.

don't you understand it's a Picassio ... one of the greatest painters ever .... just magnificentio ..

superbio color and lines !! oh it is fanatastico ... you hava to aa understandio artio !!!