Francis Bacon triptych painting sells for £23 million
(February 12, 2011)Sotheby's on the pig's back as Bacon makes £23m
MICHAEL PARSONS
BONHAMS’ inaugural Irish sale on Wednesday may have failed to prise open the better-padded wallets but elsewhere in London staggering sums were spent on art as collectors and investors went on a major spending spree.
At Sotheby’s on Thursday night, a triptych painting by Irish-born artist Francis Bacon, Three Studies for a Portrait of Lucian Freud made £23 million – triple the pre-sale estimate of £7 million–£9 million. More than 10 bidders from four continents competed for the work, which consists of three separate panels, before it finally sold after seven minutes to an anonymous buyer in the room.
On Tuesday night, a round of applause greeted the sale of a Picasso painting at Sotheby’s Impressionist and Modern art sale. La Lecture, which reputedly depicts the artist’s amour Marie-Thérèse Walter, sold for £25.2 million more than doubling the low estimate of £12 million.
Meanwhile at Christie’s, bidders from 20 countries chased pictures by artists including Bonnard, Degas, Matisse, Magritte and Dali, many released from private collections for the first time.
The top price was paid for Terrasse à Vernon by Pierre Bonnard (1867-1947) which made £7.2 million – a world record price for the French artist at auction.
Giovanna Bertazzoni, director and head of Impressionist and Modern Art at Christie’s London said the strong results illustrated a solid market for both classic Impressionism and the masterpieces of the avant-garde.
Christie’s created a new world record price for a painting by Dali – £4.1 million.
That stood for just 24 hours. The next day, Sotheby’s sold the same artist’s Portrait de Paul Eluard – for £13.4 million.
