Q. Can art really get any more expensive?
A. ‘We will see a billion dollar work’
(CNN) — When Christie’s launches the latest auction at its New York showroom this evening, gavels will fall. Prices, however, will almost certainly rise … and rise.
For its Post-war Masters and Contemporary Evening Sale, one of this year’s headline art auctions, Christie’s has on offer masterpieces including Francis Bacon’s Three Studies for a Portrait of John Edwards, Gerhard Richter’s Abstraktes Bild (712), and Mark Rothko’s Untitled during a night expected to fetch well north of $200 million.
Christie’s estimates that the Richter work will command a price of between $22 and $28 million, the Rothko between $40 and $60 million, and the Bacon triptych around $80 million.
The house has reason to be upbeat with its estimates.
On May 12, during an auction titled “If I Live I’ll See You Tuesday,” buyers from 26 countries splashed out on contemporary works by artists including Jean-Michel Basquiat, Jeff Koons and Richard Prince.
Christie’s sold $134.6 million of art in an hour.
Speaking to journalists after the show, Christie’s Chief Executive Officer Steven Murphy suggested that buyers from emerging markets are helping keep the market vibrant.
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