The Most Expensive Painting Ever Auctioned


A Cubist masterpiece by the legendary Pablo Picasso, painted in 1955, just blasted through all records to become the world's most expensive painting ever sold at auction — at an eye-popping $160 million.

And that doesn't count the commission paid to auction house Christie's, which adds another $19.35 million for a total of $179.35 million. Pre-auction estimates said the painting would go for a mere $140 million, so you can bet Christie's is pretty happy today.

The multimillionaire buyer's identity? Still unknown.

"Les Femmes d'Alger" — known as "version O" to distinguish it from the 14 previous paintings Picasso made with this name — was part of a series based on an 1834 painting by the French artist Delacroix. In its vibrant colors, Picasso was also paying homage to his friend and rival Henri Matisse.

Previously, the most expensive artwork sold at auction had been Francis Bacon's "Three Studies of Lucian Freud," which Christie's sold for $142.4 million in 2013. In February there were reports of a Gauguin selling without an auction — one private seller to one private buyer — for as much as $300 million. But the Picasso now holds the title of most expensive painting ever auctioned.

What's equally amazing is the inflation involved. The last time this particular painting went up for auction, in 1997, it raised a mere $31.9 million (and again, the buyer was anonymous).

That means someone just made a tidy profit in the realm of $130 million, simply for holding on to one of the 20th century's greatest works of art for 18 years. In your face, Apple shareholders.

Meanwhile, this sculpture by Alberto Giacometti, a Swiss artist and contemporary of Picasso's, sold for another record — $140 million.


The art market is getting increasingly hectic. Last year, Christie's said its global sales of impressionist and modern art were $1.2 billion, an increase of 19% over the previous year. Experts say high art prices are driven by artworks' investment value, and by new and established collectors seeking out the very best works.

"I don't really see an end to it, unless interest rates drop sharply, which I don't see happening in the near future," Manhattan dealer Richard Feigen said.

Impressionist and modern artworks continue to corner the market because "they are beautiful, accessible and a proven value," added Sarah Lichtman, professor of design history and curatorial studies at The New School. "I think we will continue to see the financiers seeking these works out as they would a blue chip company that pays reliable dividends for years to come."

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