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This sale tripled the previous record, and introduced a new era in top art sales. Before this, the highest absolute price paid for a painting was £8.1 million (£22.9 million in 2023 currency) paid by the J. Paul Getty Museum for Andrea Mantegna's Adoration of the Magi at Christie's in London on 18 April 1985. [5]
Art sales slow in downturns resulting in the market becoming more illiquid. There is a greater degree of liquidity risk facing the art investor than with other financial assets because there is a limited pool of potential buyers, and with artworks not reaching their reserve prices and not being sold, this has an effect on the auction prices. [11]
The highest known price paid for an artwork by a living artist was for Jasper Johns's 1958 painting Flag. Its 2010 private sale price was estimated to be about US$110 million ($154 million in 2023 dollars). All-time This is a list of highest prices ever paid—at auction or private sale—for an artwork by an artist living at time of sale. Adjusted price (in millions of USD) Original price (in ...
Artprice (Euronext: PRC) is a French online art price Database. It houses millions of art auction records from over 800,000 artists from sales since the 1980's. The database was created by its now CEO Thierry Ehrmann in 1987.
Giacometti's L'Homme qui marche I had previously achieved the highest price of any sculpture when it was auctioned by Sotheby's in February 2010. Selling for US$104.3 million, it ranks amongst the most valuable works of art. [2] In 2005, Constantin Brâncuși's Bird in Space broke records when it sold for $27.5 million.
Three kinds of economic agents determine these values. Specific experts like gallery owners or museum directors use the first, social value. Experts like art historians and art professors use the second, artistic value. Buyers who buy works of art as an investment use the third, the price history and expectations for future price increases.