Art Market Power Shift from West to East
The Art Newspaper revealed that two of the star lots in the blue-chip New York auctions were purchased by London-based Roman Abramovich. He was the successful bidder on Francis Bacon’s much hyped Triptych, 1976 (above), at Sotheby’s, paying $86.3 million. He also acquired Lucien Freud’s Benefits Supervisor Sleeping, 1995, at Christie’s for $33.6 million. Abramovich made auction history, setting records for both artists. Freud now holds the title for most expensive living artist and Bacon now holds the record for a post-war work. It is the first time that Abramovich has bought at this level and apparently the purchased works are intended to hang in his London residence. Notably, the royal family of Qatar acquired the Rockefeller Rothko for $72.8 million last year. Over the past year, it seems as though the top auction lots are all going to buyers from the East rather than the West, signaling an important art market power shift.
Filed under: art market, auctions | 2 Comments
Tags: Francis Bacon, Lucien Freud, Rockefeller Rothko, Roman Abramovich, Triptych