New Record in Art Sales; Picasso Painting Sold for $180 Million

A painting by Pablo Picasso, completed in 1955, was sold at a Christie’s auction on Tuesday for $179.4 million, breaking the record for the highest price for an artwork in the world. According to Reuters, Christie’s had estimated that the painting, titled 'Women of Algiers', would sell for around $140 million. However, continued bidding by several buyers drove the price up to $160 million, and with taxes and auction house commissions, the final price reached $179.4 million. The identity of the buyer, who purchased the cubist-style painting, has not been disclosed. The art auction continued on Wednesday, focusing on works from the post-war years and modern pieces. Previously, the most expensive painting was one by Francis Bacon titled 'Three Studies of Lucian Freud', which sold for $142.4 million in November 2013. The global head of Christie’s stated it will be interesting to see how long this record will stand. In recent auctions, a sculpture by Alberto Giacometti, carved in 1947, sold for $141.3 million, breaking the record for sculpture sales. The previous record in this category was held by another sculpture by the same artist, which sold for $104.3 million in 2010. Other notable works by prominent artists from recent decades, including Andy Warhol and Claude Monet, sold for amounts exceeding initial estimates, totaling $705.9 million at this auction, with only one of the 35 pieces offered not selling. The painting 'Women of Algiers', which now holds the title of the most expensive artwork in the world, was last sold in 1997 at another auction for $31.9 million. However, at Tuesday’s auction, bidding for this piece started at $100 million. Christie’s officials noted that five buyers competed for the painting once it surpassed $120 million, indicating a significant transformation in the market for high-priced artworks. The auction featured participants from 35 different countries, with European and Asian collectors competing against American buyers for the prominent pieces. Another valuable work sold at this auction was another Picasso painting titled 'Woman with Fishing Net', which sold for $67.4 million.