A painting from Pablo Picasso set a world record for artwork sold at auction, bringing in $179million on Monday night.
‘Women of Algiers (Version O)’, or ‘Les femmes d’Alger’, was part of a sale at Christie’s auction house that sold 34 pieces of art for a staggering total of $706 million. The sale also featured Alberto Giacometti’s life-size sculpture ‘Pointing Man,’ which was poised to set a record as the most expensive sculpture sold at auction with a $141million price tag.
They were among two dozen 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 and the sellers of both artworks elected to remain anonymous.
Women of Algiers, which had bidding begin at $100million, had been expected to be sold for around $140million. Experts say the prices are driven by artworks’ investment value and by wealthy new and established 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 of buyers shelling out.
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.
