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A rare painting by Dutch artist Piet Mondrian sold for $51 million at auction late Monday night, fetching more than 20 times the piece sold for last time it went to auction.
Oliver Barker was at the evening auction.
There is a composition. An anonymous collector from Asia bought the second lot.
When the painting was sold to a Japanese collector in 1983, it was the most valuable work by Mondrian to ever be sold at auction.
The market for impressionist and modern art has changed a lot since the last time it was sold, according to the head of impressionist and modern art in New York.
Mondrian's work has seen a tremendous increase in auction value in the past 40 years, as the artist's reputation has grown as one of the European modernisms who "fundamentally altered and forever expanded our perception of art."
$50.6 million was spent on goods and services. That was Mondrian's previous record. I, with Red, Blue, Yellow, and Black, was sold in 2015.
There is a big number. Mondrian's previous auction record was set when "Composition No.... [+] III, with Red, Blue, Yellow, and Black" was sold.
The record-breaking Mondrian is one of the high-profile works of art. The most valuable art collection ever sold at auction broke a six-month old record last week. Despite uncertainties regarding a possible economic recession, the war in Ukraine and the upcoming elections, New York art auctions have continued to fetch high prices. High-dollar works of art are seen by wealthy buyers as an investment that can hold value more consistently than other assets, as returns are largely independent from other market conditions or major asset classes.
A rare Piet Mondrian painting could sell for more than $50 million.
It was the most expensive art auction ever.
According to a report, the art market passed pre-Pandemic levels in 2011.
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