March 9, 2017
In The Art World, How Much Is Too Much
Gustav Klimt’s ‘Bauerngarten’, which sold for £48 million ($59.3 million) In the art world, how much is too much to spend on a painting? Not just any painting, but a painting by one of the most famous and recognizable artists of the 19th and 20th century?? $10 million? 20? 30? …
In the art world, how much is too much to spend on a painting? Not just any painting, but a painting by one of the most famous and recognizable artists of the 19th and 20th century?? $10 million? 20? 30? What about $59 million dollars for Gustav Klimt’s “Bauerngarten?”
Last week we saw Sotheby’s modernist, impressionist, and surrealist art sale total over £195 million, the most for any auction staged in London. Some of the other highlights besides the Klimt were four works by Picasso (Plant De Tomatoes, Portrait De Baranowski, Femme Nue Assise, and Femme Assise Dans Un Fauteuil Sure Fond Blanc) totaling $67.7 million and a few Magrittes.
Claims of “investor confidence” and “art market strength” were ringing through the night as works sold for more money that you or I can even comprehend. Yes, it is art, and not drugs or an unnecessary defense budget, but after six or seven million dollars, don’t you think it becomes a little excessive? Maybe I don’t understand because I don’t have an extra 59 million dollars lying around, but surely there has to be a better way to spend that money.
If you want to see a bunch of old white people throw around that “I helped create a global economic collapse but didn’t spend a day in jail” money, watch this video on Sotheby’s website and if you want to see some of the works sold, take a look below: