The Most Expensive Artworks Sold Around the World

Despite the ongoing economic downturn, the art industry seems to be booming. Recent art auctions have seen a frenzy of bidding resulting in new all-time highs for renowned works of art. Who would have thought that Francis Bacon's 1969 triptych of his friend Lucian Freud would have become the most expensive work of art ever to go under the hammer at Christie's? Six minutes of urgent bidding between seven prospective buyers resulted in a record breaking $142.4 million final bid at the New York auction in November 2013. 

Another financial record was broken the same day when Jeff Koon's steel sculpture entitled "Balloon Dog" fetched $58.3 million. This was the highest price ever paid for a single artwork by a living artist, surpassing the estimate of $55 million.

These two record breaking prices still do not come close to the $250 million paid in 2011 by a Qatari family for just one of the paintings which make up "The Card Players" series. The series of five paintings is by French Post-Impressionist artist Paul Cézanne. 

The more familiar "Bal du Moulin de la Galette" by Pierre-Auguste Renoir was sold at auction in New York in 1990 for $78.1 million. Bought by Japanese Industrialist Ryoei Saito who later died, the current whereabouts of this painting is unknown. At the time it was one of the two most expensive artworks ever sold; the other being Van Gogh's "Portrait of Dr. Gachet". Saito caused international outrage when he announced that he intended to cremate both paintings with him when he died. The paintings were fortunately saved as Saito ran into financial difficulties and used the paintings as collateral for a loan.

Pop artist Andy Warhol's contemporary "Silver Car Crash", painted in 1963, recently came under the hammer at Sotheby's. The eight-by-thirteen-foot iconic artwork has only been on public display once in the last 26 years and it sold for $105 million. By comparison, Warhol's iconic painting of Elizabeth Taylor titled "Liz #1 (Early Colored Liz)" was sold ahead of the auction recently. The acrylic and ink canvas had an asking price of $20.3 million, a steal compared to the "Silver Car Crash".

Another record, Jackson Pollack's "No. 5 1948" drip painting was sold for $140 million to Mexican financier David Martinez in 2006. At the time this was the highest sum ever paid for a painting.. A more recent Pollack masterpiece, "No 19 1948" was auctioned at Christie's New York in May 2013. The shimmering black, white, silver, red and green drip painting was described as one of his most important works. It far outstripped the conservative pre-auction estimate of $25-35 million to fetch $58.4 million.

According to Phillip Hoffman, head of the Fine Art Fund Group, the global art market is currently worth around $60 billion with just 3% of the world's financial elite owning art. With these new records being set for prices, that value seems destined to rise ever higher.


Photo: Artworks - M C Morgan