A Sound Investment

Entering the hast tag #worldauctionrecords in Twitter displays tweet after tweet of auction bids that have set new world records for post war and contemporary artworks.

In fact, last night’s sale of “Post-War & Contemporary Art” at Christie’s Auctions in New York realized a total of $852.9 million in sales and boasted over a dozen world records for a number of featured artists.

Art Setting New Records

Each of these artworks set new world records, making these items the highest selling piece for each artist.

Starting with Seth Price’s ‘Vintage Bomber’ at Lot #1, it sold for $785,000 which was 11 times its estimate set at $50,000 – $70,000.

Sturtevant’s Lichtenstein, Frighten Girl sold for $3,413,000, the estimate was only $600,000 – $800,000.

Martin Kippenberger’s Untitled went for a minor $22,565,000, the estimate was set at $15,000,000-20,000,000.

Arshile Gorky’s ‘Child’s Companions’ surpassed its estimate selling for $8,901,000 (estimate $4,000,000 – $7,000,000).

Peter Doig’s Pine House (Rooms for Rent) realizes $18,085,000 (estimate not public).

Ed Ruscha, Smash, also topped his world auction record when it sold for $30,405,000 (estimate: $15,000,000-20,000,000).

Cy Twombly’s Untitled realizes $69,605,000 (estimate set at $35,000,000 – $55,000,000).

Georg Baselitz’s Der Brückechor realized $7.4million. Estimate set at $5,000,000 – $7,000,000 .

Cindy Sherman’s ‘Untitled Film Stills’ sold for $6,773,000, another world auction record for her artwork (estimate set at $6,000,000 – $8,000,000).

By the half way mark Christie’s tweeted, “Half way through the Post-War & Contemporary evening sale and we’ve set 10 #worldauctionrecords. Stay tuned!”

Notable Sellers

Not a world record but still a decent price!

Andy Warhol’s Four Marlons was sold for $69,605,000, estimate not provided, but this was a feature piece.

After just 6 minutes of bidding Andy Warhol’s Triple Elvis sold for $81,925,000. No estimate offered for this one either!

Safe Investment

In a landscape where world economies are in turmoil, share prices and the real estate sector are on shaky ground, is artwork the only safe investment?

With so many world records being set you have to wonder if this is where all that hyped up superannuation fund money is being driven.

All prices quoted are in USD.