The Freakonomics Blog has interviewed the arts writer Olav Velthuis and the University of Chicago professor David Galenson about the price paid for Lucian Freud’s “Benefits Supervisor Sleeping“. I found it interesting that the $33.6 million paid for the painting would keep the United States in gasoline for 20 minutes.
Here’s a couple quotes from the interview here.
“Freud’s paintings are much more interesting in person than in reproduction; they are built up of layers of paint, over the course of dozens of sittings, and a lot of their interest comes from subtle visual effects involving the texture of the paint.” David Galenson
“To put it mildly, it is striking that art still fetches these record prices. I had expected the art market to collapse even before the financial crisis started. Of course, what’s difficult about prices for art is that they have no ‘fundamental value,’ unlike, for instance, real estate prices or stocks.” Olav Velthuis