Hockney painting set for record $80m


lisa786 New Member
14 Sep 2018 10:41AM
A painting by British artist David Hockney is set to become the most expensive work by a living artist to ever be sold at auction. Acer Support

Portrait of an Artist (Pool with Two Figures) is expected to fetch $80m (£61m) at auction in New York in November, according to Christie's.

It is "one of the great masterpieces of the modern era," Christie's added.

The current record belongs to American Jeff Koons. His stainless steel Balloon Dog (Orange) sold for $58m in 2013.

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bluesandtwos 8 340 1 England
14 Sep 2018 2:07PM
The mind boggles at the amounts of money some people must have to spare!
lemmy 11 2.7k United Kingdom
16 Sep 2018 3:33PM

Quote:The mind boggles at the amounts of money some people must have to spare!
Or boggles at the amounts of money some people have to invest, as they'd see it.
brian1208 Plus
15 11.5k 12 United Kingdom
16 Sep 2018 7:29PM
there will probably be an immense tax benefit involved too, you don't get that rich without knowing all the angles (or paying someone to do it on your behalf)
thewilliam2 1 956
16 Sep 2018 10:21PM
Will people who invest hundreds of millions in artworks have it displayed on their walls to enjoy? Do such people actually care about art or is it purely an investment? Will this Hockney just be locked up in a vault.
lemmy 11 2.7k United Kingdom
17 Sep 2018 10:00AM

Quote:Will people who invest hundreds of millions in artworks have it displayed on their walls to enjoy? Do such people actually care about art or is it purely an investment? Will this Hockney just be locked up in a vault.

It depends. If it is bought by an artistic institution it will be on view, at times at least. If not, no. Who would hang an object worth £81,000,000 on a wall where it could easily get damaged, maybe stolen or destroyed in a fire? I believe such paintings are normally held in a secure place and shown to people approved by the owner. Any insurance company would insist on no less.

Some buyers care about art, some see it as an investment. Or a mixture of both. Quite a lot of buyers at this level own the painting but lend it out to artistic institutions who would have no hope of exhibiting such a picture otherwise. Some are filthy rich oligarchs with nothing but prestige in mind.

I think buyers of paintings like this have a mix of reasons, some laudable, some less so. Just like the rest of us, really. The test would be if someone, out of the blue, left you a £100,000,000 painting. Would you put it on a wall in your home for you, your friends and family to admire, thus enriching all your lives in a way that filthy lucre cannot? Or give it to charity? Or would you go straight round to Christie's to flog it for as much as you could get?

I am desperate to test myself. Anyone got a Picasso or Degas they dont want?
thewilliam2 1 956
17 Sep 2018 10:22AM
David, many people who own fine paintings are happy to lend them for exhibition because this is a sure-fire way to increase their value!
lemmy 11 2.7k United Kingdom
17 Sep 2018 10:32AM

Quote:David, many people who own fine paintings are happy to lend them for exhibition because this is a sure-fire way to increase their value!

Such cynicism! And probably right.
keithh 14 25.4k 33 Wallis And Futuna
17 Sep 2018 3:55PM
A great many paintings are loaned by their owners to exhibitions open to the public. There are tax savings for doing so, if nothing else.

You’d be surprised where some of the most valuable paintings in the land are hanging. There are plenty in private homes and settings open to the public.

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