Thursday, 24th July 2008

 

15 May 2008 - Tara Loader Wilkinson

Bacon's painting sets record for art sale

A painting sold last night at a Sotheby's auction in New York broke the record for a contemporary art sale - the latest evidence that the top end of the art market is insulated from rising economic difficulties in the world economy.

Francis Bacon's painting "Triptych", was sold for $86.3m (€56m), far exceeding the $70m it was expected to go for. The painting is a three-panelled piece which depicts a classical image of a headless corpse being devoured by vultures.

The piece was sold by a European collector who acquired the painting in 1977 at the Paris Galerie Claude Bernard. The buyer was a private European bidder.

Earlier this week Christies hosted a New York auction which raised $350m through 57 pieces. Lucien Freud's painting of a sleeping benefits adviser, which sold for $33.6m to an anonymous European bidder, made headlines as the most expensive piece of art from a living artist.

A Christies spokesman said art is increasingly being taken up as an alternative investment to the financial markets.

Tags: Sotheby's

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