Sale of Freud painting shows art market remains robust
The painting of a benefits supervisor by Lucian Freud has fetched $33.6m (€21m) at a Christies auction - the most amount ever paid for a painting by a living artist. The news suggests the top of the art market continues to remain insulated against growing recessionary fears in developed economies.
The painting, which depicts London benefits adviser, Sue Tilley, was sold to an anonymous European collector. "Sleeping Benefits Adviser" was auctioned along with 56 other contemporary pieces of art at a Christies auction in New York, which raised $350m altogether, Christie's second most lucrative contemporary art auction.
The news comes a week after a Sotheby's New York auction also set new records after raising $233m from 40 pieces of art. There was an average lot value of $5.7m, up from $3.5m six months ago.
One of the most encouraging details was that two-thirds of Sotheby's buyers and 70% of Christie's were American, defying the backdrop of a weakening US economic outlook.
A Christies spokesman said: "Historically the art market has always behaved independently of financial markets, and the interest shown last night illustrates the continuing confidence in the art market, as well as the strong appetite for exceptional art offered with attractive estimates."
But fears that the art bubble may soon burst persist. A survey of investor faith in the art market by insurer Aon showed that only 14% of UK individuals feel confident investing in art during today’s economic volatility, compared with nearly 40% in 2006.
Charles Hamilton-Stubber, a director at Aon said: "Although the rush for quality art shows no signs of abating, many of our clients are concerned that the peak has been reached in the industry."
The previous record for a Freud painting was achieved last November, when "Ib and her Husband" sold for $19.4m.
A detail from Freud's \"Sleeping Benefits Adviser\"
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