The Flag by Jasper John earns 28.6 Million in a high-speed bidding session

Jasper John is one of the few artists who is alive and yet commands high bids on auction of his work of art. The object of contention this time around is a stunning and compact Flag (1960–66) originally owned by Crichton. Hand-painted on printed paper collage laid down on canvas, the flag beat its original value of $10–15 million to fetch a staggering $28,642,500 finally. The bid was made through the New York dealer Michael Altman for an unknown bidder. With bids opening at $7 million, the increments grew quickly in the multiples of $500,000. This sale makes it the second most expensive art auctioned for a living artist, the first being the $33.5 earned by Benefits Supervisor Sleeping by Lucian Freud.
[Artinfo]