A painting from one of Piet Mondrian's most famous eras is expected to sell for more than $50 million, more than twenty times higher than the last time the painting sold at auction.
There is aComposition No. Piet Mondrian was the artist at the time.
Mondrian did a painting. He refined his grid-based abstract art with black lines and primary colors when he lived in Paris in 1930.
The majority of the square-format canvases Mondrian completed during this time period are in museum collections.
The most expensive Mondrian painting ever sold was "Composition No III, with Red, Blue, Yellow and Black", which sold for $50.6 million in 2015.
The painting sold for $2.1 million to a private Japanese collector in 1983, making it the most expensive piece of abstract art ever sold at auction.
The art market as a whole is not as competitive as it was the last time "Composition II" went to auction, according to the head of impressionist and modern art in New York. Since 1983, the size and value of the market has increased, as has the value. Since the auction nearly 40 years ago, Mondrian's reputation has only been further solidified as one of the cornerstones of European Modernism to be known as an artist.
A total of $65 billion. The art market will have total sales in 2021. When the Covid-19 Pandemic caused a slump in the market, that figure jumped 29%. A post-pandemic rebound saw last year's total surpass even the estimated $64.1 billion in sales.
As art continues to fetch high prices at auction, the Mondrian sale could be a record-breaking one. Wealthy buyers view artwork as an investment that can hold value more consistently than other assets since its return is largely independent of other market conditions. The collection of artwork amassed by real estate tycoon Harry Macklowe and his ex-wife Linda that sold for a total of $922.2 million at the auction house was the most valuable collection ever sold at auction. Paul Allen's collection is expected to sell in excess of $1 billion when it goes to auction at Christie's.
The Harry Macklowe and Linda's art collection broke a record.
Larry Gagosian bought Andy Warhol's portrait of Marilyn Monroe.
It could be the biggest art auction ever.
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