Blue-chip artwork, which refers to highly sought-after artworks created by renowned artists, has a long history of significant price hikes and impressive returns on investment. Here are a few notable examples:
"Salvator Mundi" by Leonardo da Vinci: In 2017, "Salvator Mundi" a painting believed to be by Leonardo da Vinci, sold at auction for a staggering $450 million, making it the most expensive artwork ever sold at that time. This was a remarkable price hike considering the artwork was previously sold for just $10,000 in 2005. The astronomical increase in value over a decade illustrates the rarity and demand for exceptional blue-chip artwork.
"Untitled" by Jean-Michel Basquiat: In May 2017, Jean-Michel Basquiat's painting "Untitled" was sold for $110.5 million at auction, setting a record for the highest price ever paid for an artwork by an American artist. This represented a significant price hike from its previous sale in 1984 for just $19,000. Basquiat's works have consistently experienced impressive price hikes, with demand driven by his influential status in the art world and limited supply of his original artworks.
"Les Femmes d'Alger" by Pablo Picasso: In 2015, Pablo Picasso's painting "Les Femmes d'Alger" sold at auction for $179.4 million, setting a record for the highest price ever paid for an artwork at that time. The painting had previously sold for $31.9 million in 1997, showcasing a remarkable price hike over the years. Picasso's artworks are highly sought after, and his works have consistently commanded premium prices due to his iconic status in the art world.
"Nighthawks" is a painting by the American artist Edward Hopper, completed in 1942. The painting depicts a lonely diner in the late hours of the night, with three customers sitting at the counter and a fourth standing behind the counter. When the painting was first exhibited, it received mixed reviews from critics. However, it quickly became popular with the public and has since become one of Hopper's most iconic works.
Over the years, "Nighthawks" has been sold several times, with each sale commanding a higher price than the last. In 1973, the painting was sold for $180,000, which was a record-breaking price for a work by a living American artist at the time. In 1981, it was sold again for $3.9 million, and in 1989, it was sold once more for $10.2 million.
In 2011, "Nighthawks" was put up for auction again, and this time it sold for an astounding $26.9 million, setting a new record for Hopper's work and making it one of the most expensive paintings ever sold at auction.
"The aim of an artist is to show us something we cannot see on our own."
"Interchange" is a highly sought-after painting by Dutch-American artist Willem de Kooning, created in 1955. It is considered one of the most important works of the Abstract Expressionist movement.
In November 2015, the painting was sold at a private sale for a record-breaking $300 million, making it one of the most expensive artworks ever sold. The buyer was reported to be hedge fund billionaire Kenneth Griffin, who purchased the painting from David Geffen, the entertainment mogul and philanthropist.
Prior to its sale to Griffin, "Interchange" had only been owned by two other collectors since it was first purchased by art dealer Robert Elkon in 1955. In 1989, it was acquired by Dutch businessman and art collector Horst M. Rechelbacher for a reported $20.7 million.
Over the years, the painting had been exhibited in numerous prestigious galleries and museums around the world, including the Museum of Modern Art in New York and the Centre Pompidou in Paris, cementing its status as an important work of art. The painting's value has increased significantly over time, reflecting its significance in the world of contemporary art.
These are just a few examples of the significant price hikes that have been witnessed in the market for blue-chip artwork. Such price increases highlight the demand and appreciation for rare, high-quality artworks created by renowned artists, making them attractive investments for collectors and investors alike. However, it's important to note that the art market can be volatile, and past performance is not indicative of future results. Professional advice and due diligence are recommended when considering art as an investment.
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