Assignment 11- The Price of Art

Assignment 11- The Price of Art

Francis Bacon’s Three Studies of Lucian Freud recently broke the record of the most expensive artwork ever sold at auction at $142.4 million, which up until recently was held by Edvard Munch’s The Scream, sold for $119,922,500 .  The Scream was purchased at an auction in 2012.

Three Studies of Lucian Freud, 1969, oil, Francis Bacon

The Scream, 1893, Tempera, Oil paint, Pastel, Edvard Munch

On the same day as Three Studies of Lucian Freud was sold, another record sale was made.  This record was for the most expensive art sold while the artist was still living.  That honor goes to artist Jeff Koonse, whose sculpture Balloon Dog (Orange) sold for $58.4 million.

Balloon Dog (Orange), 1994-2000, stainless steel, Jeff Koons

Something that is interesting about the balloon dog is that there are 5 different balloon dogs, each a different color, all with a different owner.  The blue balloon dog is at the Los Angeles County Museum of Art, the magenta balloon dog is owned by billionaire François Pinault, the red one is owned by Dakis Joannou, and the yellow one is owned by Steven Cohen. 

            One of the most expensive paintings that really surprised me was the painting White Center (Yellow, Pink and Lavender on Rose) by Rothko, which sold for $72.84 million.

White Center (Yellow, Pink, Lavender on Rose, 1950, oil, Mark Rothko

What surprised me about it was how little detail there is.  There is almost no detail in this painting.  To me, it looks like a few blobs of color and a black line.  I think that a preschooler could have painted that.  Rothko wanted you to see what you wanted in the painting, and that is a nice thought, but I am not sure that I think that it is worth so much money for this piece to be hanging on your wall. 

            On the other hand, I think that Vincent Van Gogh’s painting, Portrait of Dr. Gachet, is actually worth what it went for.

Portrait of Dr. Gachet, 1890, oil, Vincent Van Gogh

This painting sold for $82.5 million at auction.  I personally wish that this painting was in a gallery where people could see it.  I like it because it is impressionism of a person, and I feel like portraits are not often done in an impressionistic style.  I like the way that the bold strokes look o the coat and how Dr. Gachet looks so stoic.  This painting is actually of something, which in my opinion should make it more valuable than the Rothko. 

            Another piece that I think deserved what it was paid for is the Portrait of Adele Bloch-Bauer that was purchased in 2004 by Ronald S. Lauder for $135 million.

Portrait of Adele Block-Bauer, gold, oil, Gustav Klimt

I think that the fact that he used real gold adds a lot to it, but the history also contributes to it.  This piece was taken by the Nazis after Austria was taken during World War II.  It was supposed to be destroyed, but it survived.  It is an amazing part of history that has survived, and it deserves to tell its story.  Right now it is on display at Lauder’s gallery, the Neue Gallery in New York City.