Has The Price Of Art Finally Spun Out Of Control?

Experts say that, as the world starts to recover from the global recession that had gripped almost every part of the planet for the last five or six years, the wealthy are getting wealthier at the expense of the poor and the middle class. This, then, is not a debate about social economics but rather about the fact that, as more wealth is being created, typically in the hands of fewer people, many valuable things, such as art, start to rise in value. This is because the wealthy, who have cash to spend, make a wide variety of investments in order to keep a very balanced portfolio. Recent events would certainly seem to give credence to this theory. Just look at what happened at a recent art auction at Christie’s in New York last month.

Has The Price Of Art Finally Spun Out Of Control?

A New Record Is Broken

Just imagine: Last year at another auction house, Sotheby’s sold a painting that, at that moment, had broken all records. It was Edvard Munch’s “The Scream,” an iconic painting which many people can recognise and which unfortunately resembles a London household owner receiving their latest utility bill. The painting sold for a lot more than the utility bill, of course. Still, it sold for just over €75.5 million. You have to admit, that’s a lot of money for a painting that can easily give you nightmares. But last month in New York, the record was broken once again. This time it was a triptych (that’s a painting in three panels, for you non-art aficionados) by Francis Bacon, depicting his friend and fellow artist Lucian Freud. This time, the new record was €89.6 million. Not bad for a piece of art that is just over 40 years old! The previous record for any painting by Francis Bacon (yes, another triptych) was €54.3 million, paid 5 years ago by a Russian billionaire for a painting which, at the time, was only 30 years old. This same November night, another record was broken: that for the highest price paid for a work by a living artist. The honour, so speak went to Jeff Koons, whose sculpture sold for €36.7 million.

Money Chases Art

If you really needed any more evidence that there is a lot of mega-wealth chasing art, consider the fact that Francis Bacon triptych started out the evening with an opening bid of just about €50 million. I don’t have my calculator handy, but it certainly sounds like the price rose a hefty 50% before the final hammer went down. Another interesting thing to remember is the fact that this particular auction broke all records for an evening of art auctions: Total sales were in excess of €435 million. That’s just in one night, folks!

It’s Time to Pick Up the Brushes

In no way are we implying that your passion for creating art is spurred on by the prospect of monetary gains. Many people enjoy painting and sculpting just to release their creative juices, so to speak. Still, being an artist requires supplies, and the best thing you can do is remember the name Jacksons art. They can provide you with everything you need, the prices are extremely reasonable and you will also enjoy quick and reliable shipping. Just give your next work of art 30 or 40 years…