$78m Bacon fails to sell

October 9 2017

Video: Christie's

Does this mean anything? A Francis Bacon 'Pope' painting failed to sell at Christie's contemporary and modern evening sale in London last week. The picture had been hailed as a discovery when unveiled to the press last month, having not been exhibited for 45 years. The catalogue carried the mystical 'estimate on request', but in The Guardian, Christie's boss Jussi Pylkkänen said:

“We’re talking about £60m,” says Pylkkänen. That’s actually quite a bit less than Bacon’s record of £89.3m for Three Studies of Lucian Freud, so the estimate may be exceeded if bidders get excited enough by the painting’s intense combination of aesthetic and human drama.

“It’s got all the elements that collectors are looking for,” says Pylkkänen.

Still, as Artnet News says, the sale was 'Christie’s second highest total for a contemporary art sale in Europe, and the highest ever for Frieze Week.' A Hirst at £1.2m - £1.8m failed to sell. A Basquiat 'Red Skull' made £16.5m. A Doig made £15m. An excellent Auerbach painting after Rubens' 'Samson & Delilah' made £3.7m against an estimate of £1.8m-£2.5m. 

Incidentally, here's a piece in the FT on whether you should buy art as an investment, quoting yours truly saying 'nope'.

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