A Picasso masterpiece fetched more than $179 million in New York on Monday, smashing the world record for the most expensive art sold at auction in what was dubbed the "sale of the century."
A bronze statue by Alberto Giacometti also broke the record for most expensive sculpture sold at auction, fetching more than $141 million at the same sale in a packed auction room at Christie's.
The Pablo Picasso oil painting, "The Women of Algiers (Version 0)," sold for $179,365,000 after 11 and a half minutes of furious bidding from telephone buyers at a packed auction room at Christie's.
Applause erupted when the sale was finalized in an atmosphere of feverish excitement, accompanied by laughter and jokes, fetching way over its pre-sale estimate of $140 million.
The previous world record for a painting sold at auction was $142.4 million, set for British painter Francis Bacon's "Three Studies of Lucian Freud," which was sold by Christie's in New York in 2013.
The 1955 painting by Picasso is one of the last major paintings by the Spanish master still in private hands. He painted several versions until he settled on the nearly four-by-five-foot (1.2-by-1.5-meter) canvas.
Just minutes later, the bronze statue by Swiss artist Giacometti called "Man Pointing," which also broke its pre-sale estimate of $130 million.
Christie's senior vice president Loic Gouzer had predicted the two works could set a world record.
"You don't have another chance to get them," he said ahead of the auction.
Swiss sculptor Giacometti also held the previous record for the most expensive sculpture sold at auction with his "Walking Man I" fetching $104.3 million in London in 2010.
In total, Christie's sold more than $705 million worth of art at its 35-lot auction of masterpieces spanning more than a century from 1902 to 2011, and scored at its swanky New York premises at Rockefeller Plaza.
Picasso's "Buste de femme" oil painting sold for $67.365 million, a painting from Claude Monet's "The House of Parliament" series went for $40.485 million and Mark Rothko's 1958 "No 36, Black Stripe" fetched $40.485 million.
Exponential growth in the art market, particularly for modern and contemporary works, is attributed to a growing number of private investors around the world and burgeoning interest in Asia and the Gulf.
'Sale of the century'
The proceeds from public art auctions rose 26 percent from $12.05 billion in 2013 to $15.2 billion in 2014, and grew 422 percent between 2000 and 2014, according to Artprice, a leader in art market information.
Artprice CEO Thierry Ehrmann had predicted that interest would be particularly strong for the Giacometti statue, although his prediction that it would eclipse the Picasso did not materialize.
"This will be the sale of the century," Ehrmann told AFP earlier. "It's a tipping point in the history of art."
There are only six casts in the world of "Man Pointing," which shows a wiry, nearly six-foot (1.8-meter) man holding up one hand and pointing with the other.
New York's spring auction season began last week at Sotheby's, which sold a Vincent van Gogh painting for more than $66 million, the most paid for a work by the Dutch post-impressionist since 1998.
Van Gogh's "Les Alyscamps," which depicts a stand of autumnal trees, had been expected to go for around $40 million but was finally snapped up by an Asian collector after an intense bidding war.
The sales continue on Tuesday, Wednesday and Thursday.
Despite setting new auction records, the Picasso and Giacometti are unlikely to eclipse the $300 million reportedly paid privately by Qatar for Paul Gauguin's 1892 painting "When Will You Marry?" in February.
AFP
Tue May 12 2015
The 1955 painting by Picasso is one of the last major paintings by the Spanish master still in private hands.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.