Back in 2013, the record for the world’s most expensive painting was set by Francis Bacon’s Three Studies of Lucian Freud, which was sold for no less than $142 million. Two years later, the Women of Algiers painting by Picasso shattered this record courtesy of a Christie’s Auction. The painting was sold for $161 million – a sum that is complemented by a 12% commission. In the end, Women of Algiers brought in $179 million, which just goes to show how important and valuable true art is these days.
According to experts, art is currently being seen as a financial asset, which is why the world’s richest individuals are racing to buy out these legendary pieces. Interestingly enough, even though this auction was truly a monumental event, the $179 million price tag might be considered quite cheap in a decade’s time, at least according to the founder and CEO of the Fine Art Fund Group, Philip Hoffman.
Paintings aside, the Pointing Man sculpture by Alberto Giacometti earned the title of the most expensive sculpture ever sold at auction. The sculpture was purchased for $141 million. Wow!
[Via – Bbc]