Sotheby's estimate that Triptych, created by the late Francis Bacon would fetch $70 million was surpassed by over $16 million. The sale of Triptych became, “the most expensive work of contemporary art ever sold at auction and a retort to doom-sayers who had predicted that the art market would falter seriously this season because of broad economic anxieties,†said Carol Vogel, New York Times' Art & Design writer.
Triptych, painted in 1976, was hailed by Sotheby's as “a landmark of the 20th-century canon.†The piece is not slight, it consists of three 78†x 58†oil on canvas panels.
Bacon seems to be the current hot commodity in the art community these days â€" nine of his paintings have each sold for over $25 million during the past year.
$86.3 Million Paintings
Triptych by Francis Bacon
Trend Themes
1. $86.3 Million Paintings - Opportunity for artists to create high-value artworks that break auction records.
2. Triptych by Francis Bacon - Increasing demand for artworks by Francis Bacon, driving up their value.
3. Expensive Contemporary Art - Growing market for contemporary art with prices exceeding $25 million per painting.
Industry Implications
1. Art Market - Potential for artists and auction houses to profit from the rising value of contemporary artworks.
2. Fine Art - Opportunity for artists to create valuable works that captivate collectors and investors.
3. Auctions - Auction houses can benefit from the high demand and escalating prices of contemporary artworks.