RSS

Contact us

Monday 8 September 2008

The ideally expensive thing

Susan Moore on how the Americans have become net sellers of works of art

Buyers of Russian origin accounted for 15 per cent of lots at Sotheby’s London evening sale of Impressionist & Modern Art in February this year, including the top lot, Franz Marc’s ‘Grazing Horses III’. That sold for a record £12.3 million against an estimate of £6 million to £8 million. Given the huge record price ($72.8 million) paid at Sotheby’s New York last May for Rothko’s not universally admired ‘White Center (Yellow, Pink and Lavender on Rose)’ — a picture consigned by another legendary American blue-blood, David Rockefeller — it is tempting to presume that it, too, went to a client from one of the emerging markets.

Unlike his earlier European counterparts, Mr Rockefeller was not selling a major picture because he needed the money but because he realised that he could do some significant charitable work with the proceeds. It was the irresistible lure of extravagant sums that prised the painting off his wall nonetheless. One has a sense that, just like Breckenridge Bender, today’s newest buyers are interested in the ideally expensive thing.

More articles from: Susan Moore | this section

Print this article  |  Email to a friend  |  Permalink  |   Comment

Post this entry to:   del.icio.us | Digg | Newsvine | NowPublic | Reddit

Advertisement

Spectator Business | Apollo Magazine

Corporate | Advertising | Privacy | Terms

Spectator, 22 Old Queen Street, London, SW1H 9HP

All Articles and Content Copyright ©2008 by The Spectator | All Rights Reserved