In the world of fine art, prices for the rarest and most desirable works continue to reach astronomical levels at auction. In recent years, numerous paintings have sold for tens of millions of dollars, reflecting both the quality of the work and the passion of collectors willing to pay tremendous sums to own a slice of art history.
One painting that caused a major stir when it went under the hammer was Pablo Picasso’s “Les femmes d’Alger (Version ‘O’)” which sold for a staggering $179.4 million in 2015, setting a new record price for a painting at auction.
While not quite reaching that stratospheric level, many other masterpiece paintings have commanded prices in the tens of millions in recent years. So which specific painting can lay claim to selling for $46.5 million?
The Answer
The painting that sold for exactly $46.5 million at auction is Willem de Kooning’s “Untitled XXV.” This monumental abstract expressionist work by one of the most acclaimed postwar American painters was sold at Christie’s New York in November 2016.
About the Painting and Artist
Willem de Kooning was one of the leading artists of the abstract expressionist movement in New York in the 1940s and 1950s. Known for his gestural style and energetic brushwork, de Kooning created abstract canvases that erupted with movement and emotion.
“Untitled XXV” was created at the height of de Kooning’s powers in 1977. Measuring nearly 7 feet tall and over 9 feet across, this expansive painting features the fiery colors and turbulent brushstrokes that characterize his best works. It had been in the collection of the legendary art dealer Manny Silverman until being sold at Christie’s.
When it went on the auction block in November 2016, “Untitled XXV” was one of the undisputed stars of the Post-War and Contemporary Art Evening Sale. At least six bidders competed for the monumental de Kooning canvas, rapidly escalating the price into the tens of millions. After a protracted bidding war, the hammer finally came down at $46.5 million, making it one of the most expensive paintings ever sold at auction.
Market Trends for Top-Tier Artists
The astronomical sale price for “Untitled XXV” reflects the red-hot market for elite modern and contemporary artists. While the global art market softened in 2016, works by the most blue-chip names like Picasso, de Kooning, and Warhol continued to achieve exceptional prices in the tens of millions and even hundreds of millions.
These sales indicate the continued demand from top collectors for museum-caliber masterpieces by the most recognizable and beloved artists. Even amidst economic uncertainty, the appetite of wealthy buyers for these rare trophies remains strong, creating record sales like that of de Kooning’s “Untitled XXV.”
Other Notable Paintings Sold in the $40-50 Million Range
While the $46.5 million sale of de Kooning’s abstraction stands out for meeting that exact price point, a number of other exceptional paintings have also commanded sums in the $40 to $50 million range in recent years:
- Francis Bacon’s “Self Portrait” sold for $46.4 million in 2015
- Andy Warhol’s “Silver Car Crash (Double Disaster)” sold for $46.5 million in 2013
- Vincent Van Gogh’s “Laboureur dans un champ” sold for $46.2 million in 2017
- Gustav Klimt’s “Wasserschlangen II” sold for $46.4 million in 2013
- Claude Monet’s “Meule” sold for $45.4 million in 2016
As these examples illustrate, paintings selling in this price echelon are typically museum-quality works by the most recognizable Impressionist, Modern, Post-War and Contemporary artists. As the top of the art market continues reaching new heights, more works are likely to sell in this $40 to $50 million range.
Details on Other $40-50 Million Painting Sales
| Painting | Artist | Sale Price | Year |
|---|---|---|---|
| Self Portrait | Francis Bacon | $46.4 million | 2015 |
| Silver Car Crash (Double Disaster) | Andy Warhol | $46.5 million | 2013 |
| Laboureur dans un champ | Vincent Van Gogh | $46.2 million | 2017 |
How Do these Prices Compare to the Most Expensive Paintings Ever Sold?
While breaking the $40 million threshold is an incredible achievement in the auction world, the most expensive paintings ever sold have commanded far higher prices:
- Leonardo da Vinci’s “Salvator Mundi” sold for $450.3 million in 2017
- Pablo Picasso’s “Les femmes d’Alger (Version ‘O’)” sold for $179.4 million in 2015
- Paul Cézanne’s “The Card Players” sold for an estimated $250-300 million in private sale in 2011
- Paul Gauguin’s “Nafea Faa Ipoipo (When Will You Marry?)” sold for around $300 million in private sale in 2015
- Jackson Pollock’s “Number 17A” sold for $200 million in private sale in 2016
These all-time record sales for masterworks by Da Vinci, Picasso, Cezanne, Gauguin and Pollock dwarfed the $46.5 million for de Kooning’s painting. But that is still an impressive and meaningful benchmark for a significant modern artwork sold at a public auction.
Record Prices Reflect Investment Potential of Top Art
The ability of fine artworks to continuously break value records over the years represents a key reason why many ultra-high-net-worth individuals have turned to art as an important asset class and investment vehicle. While financial markets and currencies fluctuate, the most desirable artworks by blue-chip artists have demonstrated the potential for steady long-term appreciation.
As wealth continues to concentrate globally, demand for top-tier trophies by household name artists is expected to persist. This sets the stage for more record-breaking prices like that achieved by de Kooning’s “Untitled XXV” which landed squarely within the $40 to $50 million range.
Outlook for Continued Price Growth
Here are some key factors that suggest continued price growth for the rarest and most valuable paintings:
- New billionaires and collectors entering the global art market each year
- Wealth increasing in emerging markets like Asia and Middle East
- Number of ultra-high-net-worth individuals expected to rise over the next decade
- Growing interest in art as an investment and inflation hedge
While some economic factors like inflation and currency fluctuations may impact the art market, the overall outlook remains highly positive for the continued flow of masterpieces selling in the 8, 9, and even 10-figure range.
