Picasso Nude Sets New Art Auction Record
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Cubist masterpiece sells for $106.5 million setting a new world record for a piece of art.
A cubist masterpiece by Pablo Picasso has set a new world record as the world’s most expensive artwork, as it was sold at auction for $106.5 million.
Nude Green Leaves, and Bust was the star lot at last night’s auction held by Christie’s New York. After nine frantic minutes of bidding, an anonymous telephone bidder won the piece, setting a new record in acquiring the painting.
Just three months ago, Picasso’s Garçon à la pipe was toppled from the top spot as the most expensive piece of art in the world when a sculpture by Alberto Giacometti was sold for £65 million ($104.3 million). Picasso recaptured the title as the world’s most expensive artist from Giacometti last night as his painting smashed the record by $2.2 million.
In total, Christie’s sold $335.5 million of art on the evening, dominated by the Picasso piece. Marc Porter, chairman of the American auction house told the Financial Times: “This was a stellar night for Christie’s and for the art market.” The indications are that confidence is returning to the art market as a whole, as more investors are buying at auction.
The speed with which auction records are being overcome is another solid indication of the returning financial security in the markets. Earlier this year a new collector’s record was set three times in quick succession as three rare editions of Superman and Batman comics sold for over $1 million each.
The 27 lots all sold last night were from a single private collection, making it the biggest single owner sale ever held at Christie’s New York.
