May 2015 saw a new record established for the most expensive work of art ever sold at auction. A Picasso oil painting completed in 1955 sold at Christie’s for $179.4 million (including the auction house fees). It had been estimated that “Les Femmes d’Alger (version”o”)” would achieve a sale price of around $140 million but several bidders competed against each other and drove the final price up to a record level. The winning bidder has not been identified.
Record Breaker
The Picasso beat the previous record holder “Three Studies of Lucien Freud” by Francis Bacon which sold in 2013, also at Christies, for $142.4 million. It will be interesting to see what happens in the future and to what level prices could actually rise.
The Changing World of Art
Naturally original Picasso’s are the preserve of the super-rich. Indeed, until relatively recently auction houses like Christie’s and Sotheby’s were places that ordinary folk would have nothing to do with. Art collecting in general was the preserve of the wealthy but that situation is changing, largely because of technology. You may think that art and technology would be uncomfortable bedfellows but not so. The internet is bringing art to the masses because those who would never set foot in a gallery or an auction house can view and purchase pieces online.
The Shop Window
These days artists who would have struggled to find a market for their work and who may never have been able to make a living from their endeavours in the past are now able to prosper. Art is being democratised and ordinary householders can dress their homes in original pieces rather than merely prints. Searching online makes it extremely easy to discover work which appeals and buyers can have their chosen pieces delivered to their door.
Of course as the world of art has changed dramatically for consumers, so has it for galleries and retailers. There is a much broader market for the works but that market must be reached online. Galleries must have ecommerce websites as well as bricks and mortar showrooms and whilst more sales are possible there is more work to be done to achieve them. Here technology is again proving invaluable as EPoS systems enable galleries to manage their stock efficiently.
Both galleries and auction houses are very much embracing the technological age offering art online and even online bidding during auctions. People who may never have dreamt of walking through the doors at Christies can now take part in their sales although Picasso’s remain out of reach. However, through independent galleries it is possible to discover great art, new talent and perhaps the next Picasso. Wouldn’t it be just fabulous to buy a painting for a few hundred pounds and then see it auctioned at Christie’s in the future?
Who knows where the next great masterpieces are sitting waiting to be snapped up. They are out there and now you may not even have to leave home to find them. Art should always be chosen to enjoy for yourself rather than as an investment but you just never know do you?
Article by Sally Stacey