With every passing year, the prices paid for arts biggest names rise and rise. Just this week, another record was broken. How long before it’s broken again?
ABOVE: Pablo Picasso, Les Femmes d’Alger (Version ‘O’) / Women of Algiers, 1955, oil on canvas, 44.9 x 57.6 inches, private collection
On Monday night, Pablo Picasso’s Les Femmes d’Alger (Version ‘O’) broke the record for most expensive artwork sold at auction when it went for $179.4 million at Christie’s in New York City. All told, the 35 pieces in Monday’s sale went for a total of $705,858,000. To put this in perspective, the Kingdom of Tonga has a GDP of $466.3 million.
Shockingly, Les Femmes d’Alger is nowhere near the most expensive painting ever sold. That distinction goes to Paul Gauguin’s Nafea Faa Ipoipo which changed hands privately for $300 million in February of this year. It seems that in the art world, private sales trump auction houses.
Every once in a while, buyers want their names attached to their acquisitions, but most often, and in the case of the above paintings, they do not. While this desire for anonymity is understandable, it is also worrisome as it likely means that these two masterpieces will never be seen (in public) again.
All of this begs the question: why do private individuals spend so much on art? From a hedge against inflation to the building of an art foundation, there are many possible reasons, but the cynic within me has to ask: Is the ‘love of art’ one of them?