American art dealer Jeffrey Loria once said, “The real value of art is not always revealed by the price set upon it.” It’s a sentiment that renowned British artist David Hockney can probably identify with. His famous painting — the ‘Portrait of an Artist (Pool with Two Figures)’ – which recently fetched $90.3 million at an auction in New York was initially sold for a mere $18,000 back in 1972.
“I thought it was a lot of money at the time, but within six months, it was sold again for $50,000,” said Hockney in an interview last year, sharing how he felt ripped off when they realised that the painting had been under-priced. While whoever bought the painting in 1972 scored a substantial profit, it is Hockney who has the last laugh now.
‘Portrait of an Artist (Pool with Two Figures)’ broke the earlier auction record for the most expensive painting ever sold by a living artist by almost $32 million. The previous record was set by Jeff Koons’ stainless steel Balloon Dog which sold for $58 million in 2013.
Scribbles, Scratches And Other Abstract Pieces Of Art That Made Millions
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Who says a scribble or a scratch is worthless? Check out these abstracts which sold for a fortune thanks to their minimalistic allure.
Who says a scribble or a scratch is worthless? Check out these abstracts which sold for a fortune thanks to their minimalistic allure.
Cost: $70.5 million
What seems like chalk scribbles on a slate is actually an oil-based house paint and crayon artwork on canvas by Edwin Parker ‘Cy’ Twombly Jr, which fetched a record price for the artist in Christie’s 2014 sale. Part of Twombly’s ‘blackboard’ paintings, the 1970 artwork is inspired by his stint in Pentagon as a cryptologist. What’s interesting is the way he produced this artwork. He sat on the shoulders of a friend, who kept on walking along the length of the canvas, enabling Twombly to create fluid lines. The painting’s then owner, Audrey Irmas, a philanthropist, parted with the painting to raise funds for her foundation for social justice. Interestingly, Irmas bought the painting for $3.85 million in 1990.
(Image: www.christies.com)
Cost: $70.5 million
What seems like chalk scribbles on a slate is actually an oil-based house paint and crayon artwork on canvas by Edwin Parker ‘Cy’ Twombly Jr, which fetched a record price for the..
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Cost: $1.65 million
Once part of the Robert and Jean Shoenberg collection, this 1961 artwork came into the market at Christie’s 2008 sale. Kelly was a camouflage artist during his stint in the army in the 1940s. He was a part of the unit known as ‘the Ghost army’ comprising artists and designers who painted objects that would misdirect enemy soldiers.
(Image: www.christies.com)
Cost: $1.65 million
Once part of the Robert and Jean Shoenberg collection, this 1961 artwork came into the market at Christie’s 2008 sale. Kelly was a camouflage artist during his stint in the army ..
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Cost: $86.88 million (including buyer’s premium)
The vibrant orange, red and yellow coloured rectangles was part of art collector David Pincus’s estate and was brought to the market by Christie’s in 2012 where its sale set the record for post war/ contemporary art at the time. Rothko’s 1961 work was in Pincus’s possession for four-and-a-half decades. The final bid was double the highest estimate of the artwork.
(Image: www.markrothko.org)
Cost: $86.88 million (including buyer’s premium)
The vibrant orange, red and yellow coloured rectangles was part of art collector David Pincus’s estate and was brought to the market by Christie’s i..
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Cost: $16.2 million
The 24 sharp vertical tears on a crimson, water-painted seven- foot wide canvas was contested for about a minute and 30 seconds during Sotheby’s 2015 auction. Yet, the painting was sold below the low presale estimate of $15 million. Turns out, Fontana was inspired to paint this artwork watching Red Desert, a 1964 movie created by Michelangelo Antonioni, which won the Golden Lion in that year’s Venice Film Festival. In fact, the inscription on the back of the painting, in Italian, reads, “I returned yesterday from Venice, I saw Antonioni’s film!!!”
(Image: www.sothebys.com)
Cost: $16.2 million
The 24 sharp vertical tears on a crimson, water-painted seven- foot wide canvas was contested for about a minute and 30 seconds during Sotheby’s 2015 auction. Yet, the painting ..
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Cost: $84.16 million
Newman’s 1961 stark black palette on a pale canvas was part of Christie’s post-war and contemporary evening sale auction in 2014. Newman started dabbling in abstract expression while he was mourning the death of his younger brother George. About the painter’s black fixation, art expert Thomas Hess recalled Newman saying, “When an artist wants to change, when he wants to invent, he goes to black as it is a way of clearing the table-of getting to new ideas.” The painting is in the possession of a private collector now. Its previous owner had the painting for nearly 40 years.
(Image: www.christies.com)
Cost: $84.16 million
Newman’s 1961 stark black palette on a pale canvas was part of Christie’s post-war and contemporary evening sale auction in 2014. Newman started dabbling in abstract expression..
