New York City art auction

Recent contemporary art sale most expensive single auction ever

Records were broken and millions were made as a New York City art auction sold off work by some of the biggest names in contemporary painting. An estimated $744.9 million was recorded in sales, blowing past the previous record of $691.6 million that was held by another NYC art auction in November of last year.

Among the coveted pieces that were made available for sale was a 1984 triptych portrait from the late Francis Bacon titled "Three Studies for a Portrait of John Edwards," which sold for a reported $72 million. Bacon, a painter renowned for his ability to convey emotionally captivating raw energy on canvas, previously set the record for the most expensive painting ever sold at an auction for the sale of his work "Three Studies of Lucian Freud," which sold for $142.4 million. 

Painter Joan Mitchell's untitled 1960s painting set a sales record for a work by a female artist at $11.9 million. Mitchell was one of the most prominent figures in the American abstract expressionist movement of the mid-20th century, and the high sale of her piece is expected to garner more attention and money spent on acclaimed female artists in future auctions.

The evening's most expensive artwork sold was created by 20th century American abstract expressionist Barnett Newman, whose work titled "Black Fire I" sold for $84 million. The portrait in question had been estimated to sell for approximately $50 million, but a late sale battle between three bidders generously boosted the final asking price.

Of course it was art auction favorite Andy Warhol who generated buzz by selling multiple pieces for a combined total of more than $100 million. His highest-selling piece of the evening was for four-panel silkscreen press titled "Race Riot," which sold for $62.9 million, well surpassing its estimated value of $45 million. Another Warhol painting that was popular among numerous bidders was "White Marilyn," which sold for $41 million and exceeded bidding expectations by nearly $30 million.

Guarantee controversy
Out of the 72 lots that were up for sale during the evening, 39 of the art pieces had already had a prearranged form of guarantee in the works. Critics of guarantees within art auctions are skeptical to this variation of bidding because it tends to deprive the spirit and energy of the auction due to bidders becoming hesitant of an already-established asking price.  

Nevertheless, the evening went on without a snag and another record-setting night of art auctioning was recorded in the books. If you are looking for new and exciting online art auctions, iCollector is always promoting the most superior form of online bidding available.