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Oddly Enough

Christie's contemporary sale brings in the bucks

Wednesday, May 14, 2014 - 01:28

May 14 - Christie’s Post-War and Contemporary Art sale in New York brings in $744 million (USD), the highest ever for an auction. Sharon Reich reports.

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The contemporary art market is booming. A record breaking sale at Christie's pulls in $745 million (USD) - the most ever at an auction. An abstract work by artist Barnett Newman called "Black Fire I," stole the show - fetching more than $84 million U.S. dollars. Bret Gorvy is the international head of post war and contemporary art at Christie's. SOUNDBITE: Bret Gorvy, international head of post war and contemporary art at Christie's, saying: "I think obviously there was an expectation that the fact that we had another Bacon triptych that would also be the story of the week. However the Barnett Newman represented as with the Bacon last season, something of the highest, highest rarity. Barnett Newman, one of the rarest artist because he only produced about 140 works throughout his career." Andy Warhol's "White Marilyn" beat expectations too. It doubled its pre-sale estimate, selling for $41 million (USD). SOUNDBITE: Bret Gorvy, international head of post war and contemporary art at Christie's, saying: "Everyone asked me last year, 'Are we in a bubble?' We're in the middle of a fantastic moment, a fantastic moment which is rising with great foundation stones, fantastic collectors and a very international spread." Art sales have been doing increasingly well since last year, as the super rich look at high end works as safe havens for their cash.

Christie's contemporary sale brings in the bucks

Wednesday, May 14, 2014 - 01:28

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