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(Thumbnail image: Christie's New York)

 

"Picasso's oil painting 'Nude, Green Leaves and Bust' was tipped to raise more than $80 million U.S. at Christie's impressionist auction. In actual fact though, it broke the world record and sold for an impressive $106.5 million." (ITN)


The nine-figure sale made Picasso's painting the most expensive piece of art ever sold at auction.

In The New York Times, a blogger on "Arts Beat" says the purchase price for the oil painting isn't extraordinary: it's routine.

"These days, there’s so much money in so many hands ... that record-breaking has become routine ... Two, three, four million extra? More? Worth it. After all, if you’re the evening’s big spender, you not only suddenly own some fantastically valuable object, but your extravagance gets a mention in the news."

On Los Angeles' CBS affiliate, one anchor says the painting's multimillion dollar sale may be a good sign for the art market.

"Two other Picassos are among 50 works from the estate of the late L.A. philanthropist Mrs. Syndey Brody. Her entire collection is estimated to sell for more than $150 million, and experts say it's a sign the art market may be rebounding."

An art dealer in the Huffington Post says the sale showed a different sign of a recovering art market: more competition.

"What was amazing is that there were at least a half dozen players, some in the room, others on the phone, still bidding as the Picasso crossed the $60 million level. Often an auctioneer has to strain to get bids up."

On Daily Finance, a Christie's rep explains why the bidders competed at auction, offering millions for one painting to build their financial portfolios.

"We always counsel people to buy art because they love it. But as it happens, art is often a good, solid investment. I think to some degree we saw that last night — there were people who wanted to put their money in an alternative asset class."

An unidentified phone-bidder snagged the painting after a nine-minute bidding war.  On CNBC, an anchor and art magazine editor speculate on who the mystery bidder was and explain the benefits of revealing the identity.

"How about Joseph Lao of Hong Kong?  He's the one that bought that Mao portrait for $17 million. When he bought that Mao he was very open about it. He wasn't secretive like these other guys. That's correct. Some people are just willing to go public with their high profile purchases. They know that it will get them noticed. Other people will then offer them the masterpieces that they're seeking and are increasingly hard to come by."

So what do you think?  Is the Picasso price tag proof of a recovering art market?  Or just proof some people have a whole lot of disposable income?
 
Writer: Courtney Cebula
Producer: Courtney Cebula

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Picasso Painting Sells for $106.5 Million

May 6, 2010
(2:34)
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Picasso's "Nude, Green Leaves and Bust" sold for $106.5 million at Christie's in New York, becoming the most expensive piece of art ever to be sold at auction.
   
Sources:ITNThe New York TimesKCALThe Huffington PostDaily FinanceCNBC
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