The prices of works of art continued to progress in a spectacular way in June, during prestigious sales. The phenomenon is particularly obvious (and worrying ?) for contemporary art. The speed with which the valuations of the younger generation of artists evolves is phenomenal. Some of them are already proposed in prohibitive prices from their first exhibition. Even if a young painter as Damien Hirst (born in 1965) is famous and very talented, the price of 9.652.000 GBP (19.481.000 USD) obtained at Sotheby’s on June, 21 during the Sotheby’s sale in London for his Steel Cabinet with Painted Pills (estimate 3,000,000 GBP / 4,000,000 GBP = 6,056,000 USD/8,073,000 USD) seems exaggerated. This work is the most expensive never sold for an alive artist.
Other very hight prices for some artists of the youngers generation :
Peter Doig (born in 1959) : Orange Sunshine, oil on canvas, sold 1,812,000 GBP (3,654,622 USD). Estimated 600.000 GBP/800.000 GBP (1,207,000 USD/1,613,346 USD). Sotheby’s London, June, 21.
Yue Minjue (born in 1962) : The Pope, oil on canvas, sold 2,148,000 GBP (4,332,366 USD). Estimated 700.000 GBP/900.000 GBP (1,412,000 USD/1,815,000 USD). Sotheby’s London, June, 21.
Comparison with artists whose importance in the history of contemporary art seems acquired :
Lucian Freud : Bruce Bernard, 1992, oil on canvas (estimate 4,500,000 GBP/5,500,000 GBP = 9,079,000 USD/11,098,000 USD). Sold : 7,860,000 GBP = 15,859,000 USD. Christie’s London, June, 20.
Andy Warhol : Three Marilyn, 1962, polymer synthetic painting and silk screen ink on canvas (estimate 5000,000 GBP/7,000,000 GBP = 10,094,000 USD/14,131,600 USD). Sold : 5,620,000 GBP = 7,651,000 USD. Christie’s London, June, 20.
Francis Bacon : Self Portrait, 1978, oil on canvas (estimate 8,000,000 GBP/12,000,000 GBP = 16,149,000 USD/24,223,000 USD). Sold : 21,580,000 GBP = 43,567,500 USD. Sotheby’s London, June, 21. The most expensive work never sold for this artist.
Francis Bacon : Two men Working in a Field, 1971, oil on canvas (estimate 5,000,000 GBP/7,000,000 GBP = 10,094,000 USD/14,131,600 USD). Sold : 5,060,000 GBP = 10,214,000 USD. Christie’s London, June, 20.
Francis Bacon : Landscape with Car, 1945-1946, oil on canvas (estimate 4,000,000 GBP/6,000,000 GBP = 8,372,000 USD/12,111,000 USD). Sold : 4,276,000 GBP = 8,630,000 USD. Christie’s London, June, 20.
©07/2007/Pierrick Moritz
Mots-clefs : contemporary art, Damien Hirst, Francis Bacon
