Christie’s record breaking sale of $325 million!

If we are talking about Christie’s then it but normal to utter figures like millions and billions. Freshly a sale at Christie’s on Tuesday achieved the second-best auction result ever with records broken for 16 artists like Lucian Freud, Jeff Koons, and Richard Prince. U.S. bidders dominated the $325 million auction, the second-largest ever for postwar and contemporary art. The total was in the middle of Christie’s estimated range and only five of the 67 lots failed to sell. The highlight of the event was a sultry 1955 blue-and- orange canvas by Mark Rothko, “Untitled,” which sold for $34.2 million, above the $30 million high estimates. And post-sale Christopher Burge, Christie’s honorary chairman, who also served as auctioneer rightly said “The market is obviously incredibly healthy right across the board.” It proves that America’s dollar status doesn’t affect its population as Christie’s said half the buyers were American, with one-quarter European. So Americans have traditionally dominated the contemporary art market. “The dollar is helping overseas buyers, but not scaring off U.S. buyers,” Burge noted. More info about the other works after the jump…….

Andy Warhol’s “Liz,” being sold by actor Hugh Grant, and Jeff Koons’ large-scale sculpture “Diamond,” which in recent weeks has graced the entrance at Christie’s Rockefeller Center headquarters, both fell short of expectations. Warhol’s portrait of Elizabeth Taylor sold for $23.56 million, including commission, less than the low estimate of $25 million. While the $11.8 million fetched by the Koons work smashed the artist’s record of $5.6 million, it came in under expectations ranging from $12 million to $20 million. It was bought by the Gagosian Gallery, one of Manhattan’s premier contemporary art dealers. Another work that set a record but fell just shy of estimates was Lucian Freud’s “Ib and her Husband,” which fetched $19,361,000. Gerhard Richter’s “Jet Fighter” also broke the artist’s record, going for $11,241,000, above its low estimate of $10 million.