Christies’ Sale

June 30, 2008

This evening’s sale at Christies in London brought a total of $175 million.   As I mentioned in an earlier post, the market for art seems only to strengthen as other financial instruments get weaker.

Unfortunately, whatever serious critics and I might say, Jeff Koons continues to prosper mightily.  His absurdly juvenile “Balloon Flower (Magenta)” was sold for $25.6 million, which is I believe a record for the artist. Christies calls it a “masterpiece”!

The fact that one of Damien Hirst’s pieces failed to meet its over-extended minimum supplies only partial consolation.

On the other hand Francis Bacon’s “3 Studies For A Self-Portrait” from 1975, sold for a very impressive $34.3 million.  Lucian Freud’s “Naked Portrait With Reflection” was perhaps a little disappointing at $23.4 million (the estimate was up to $30m).