Most Expensive Car Sold at Auction

ferarri sold at auction

A super rare 1962 Ferrari 250 GTO Berlinetta has sold at Bonhams for $38,115,000, making it the most expensive car to ever sell at auction. The previous record for a car sold at auction which was also sold at bonhams was the $30 million dollar 1954 Mercedes-Benz W196 R F1 Racer which sold last year. Just 39 of these Ferraris were produced and car collectors worldwide drool over the model. It’s a beast on the race track, with this particular vehicle taking second place in the 1962 Tour de France, and they say it’s also a tame street car which can be used for grocery shopping. If I could afford to spend nearly $40 million on a car I don’t think I would be doing my own grocery shopping. Continue Reading

Tracey Emin Bed Sells for Millions

tracey emin dirty bed for auction

The dirty, unmade bed with yellowing sheets by British artist Tracey Emin has sold for £2,546,500 or $4,351,969 USD (including buyer’s premium) at a Christie’s auction in London. I already had my fun with the Emin bed last month, so I’ll keep it short. My Bed, the iconic, controversial work from 1998 more than doubled the auction estimate by Christie’s, but I’m not surprised at all. I thought it could have made much more than it did.Continue Reading

Record Christie’s Auction

alexander calder sculpture

The auction lots may not have been surreal but the prices most certainly were. The Christie’s post war and contemporary art evening sale on Tuesday made a record $744.9 million. That’s close to a billion dollars worth of art sold in one night! If you combine the Monday and Tuesday sales there was $879,574,000 worth of art sold. An $80+ million Francis Bacon and an $84+ million Barnett Newman were the two most expensive lots to sell. How does one start a hedge fund? I think I’m in the wrong game ;-) Continue Reading

Auction Record for Brett Whiteley

brett whiteley self portrait

Earlier this week a Brett Whiteley painting sold for $3,927,272 at a Menzies Art Brands auction, breaking his previous record of $3.48 million for his Olgas painting. The big blue My Armchair work is an interior view of his Lavendar Bay home overlooking the Sydney Harbour. It’s the second most expensive painting sold in Australia; a Sidney Nolan painting from his Ned Kelly series sold for $5.4 million in 2010.Continue Reading

El Greco Painting Record

el greco auction record

A bidding war between a Russian collector and an Indian collector saw the 3 to 5 million pound estimate of El Greco’s “Saint Dominic in Prayer” almost double to reach an auction record for the artist of £9,154,500 or about $14,000,000 USD.

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Pablo Picasso Auction in Sydney

A Pablo Picasso painting is being auctioned this week in Sydney, Australia at Deutscher-Menzies. The 1954 work titled “Sylvette” is expected to set a record for a painting auctioned in Australia with an estimate of between $5,000,000 and 7,000,000.Continue Reading

Most Expensive Living Artist – Lucian Freud

Lucian Freud has become the most expensive living artist at auction with his “Big Sue” painting. The large naked woman painted on a couch is called “Benefits Supervisor Sleeping” and sold for $33.6m or £17.2m at Christies last week. The sitter is Sue Tilley and she sat for Freud over a four year period.Continue Reading

Australian Aboriginal Art Auction

Australian Aboriginal art jumped in value this week with a Sotheby’s auction in Sydney that got bidders excited.

The painting to the left is called Warlugulong and is by the Aboriginal artist Clifford Possum Tjapaltjarri. It sold at auction for $2.4 million, which is almost $2 million more than the artist’s previous record of $411,750.Continue Reading

Art Bubbles go Pop

As records are broken on a regular basis now, most people tend to agree that we have an art bubble.. or at least an art bubble in the Impressionist/Modern/Contemporary market.

Richard Feigen has written an excellent little summary of the art market, a history of our last art bubble, the makings of the current art bubble, and what the future may hold.Continue Reading

The Old Time by John Brack

A painting by the Australian artist John Brack sold at auction for a record price this week, making “The Old Time” the most expensive Australian painting. The painting of a ballroom dancing couple sold for about $3.3 million dollars.

When compared to the prices paid for international artists, $3.3 million sounds like a laughable amount. But very few Australian artists ever make much of an impact on the world market, so it’s an impressive price for such a small market (Australia has about 20 million people).Continue Reading