A painting by Dutch artist Piet Mondrian sold by a private seller is expected to fetch more than $50 million when it goes up for auction at Sotheby’s in November, as art prices soar amid a boom in l post-pandemic industry.
Mondrian’s 1930 painting “Composition No. II” would sell for more than twenty times more than the last time it was sold in 1983 to a private Japanese collector for $2.1 million, or about $6.4 million in 2022 dollars.
The sale comes as the art collecting industry is enjoying a post-pandemic revival, with art sales up 29% from 2020 to 2021 and raking in $65.1 billion, helped by rising prices. online sales and traditional public auctions.
Mondrian’s piece is one of his best works from his most famous era and showcases his penchant for abstract art combined with thick black lines and primary colors.
Piet Mondrian’s 1930 painting ‘Composition No. II’ is set to sell for over $50 million when it goes up for auction at Sotheby’s in November
Shot Sage Blue Marilyn by famed American artist Andy Warhol fetched $195 million when it sold this year at Christie’s in New York.
Woman Seated by a Window (Marie-Thérèse) by Pablo Picasso is the most expensive painting sold so far in 2022, with $103 million
Jean-Michel Basquiat’s ‘In This Case’ sold for $93.1 million at Christie’s in 2021, the largest sum ever paid for a work by Basquiat
Mondrian’s art has seen a surge in prominence since he became more widely recognized as an artist “who fundamentally altered and forever expanded our perception of art”, according to Julian Dawes, Head of Impressionist Art. and Modern from Sotheby’s in New York.
The work has a chance of becoming the artist’s most expensive piece, as his current most expensive work, “Composition No III, with Red, Blue, Yellow and Black”, has sold for 50.6 million dollars in 2015.
Dawes says “Composition No. II” will sell in a frenzied art market that bears little resemblance to the last in which the piece was sold in 1983, which was “very different and much less global and competitive”.
Many investors view artwork as a safer investment vehicle than traditional stocks or real estate as these markets become increasingly uncertain, and DollarSprout reports that investing in artwork has a average yield of 7.6%.
The market is further buoyed by the recent sale of works and collections for eye-watering sums, including property mogul Harry Macklowe and ex-wife Linda’s collection which amounted to 922.2 million of dollars.
The couple’s collection, which included works by Mark Rothko, Andy Warhol and Gerhard Richter, sold at Sotheby’s in New York in two separate auctions. The previous record was held by banker David Rockefeller and his wife, Peggy, who sold their $835 million collection in 2018.
In the same month, Andy Warhol’s Shot Sage Blue Marilyn became the most expensive work of art of all time when it was auctioned off to an unknown buyer at Christie’s for over $195 million.
Rembrandt’s standard bearer was sold to the Rijksmuseum in the Netherlands, with the government helping with around $140 million out of a total cost of $170 million.
Artists whose work is featured in the collection of late Microsoft co-founder Paul Allen include Paul Cezanne, Jasper Johns, David Hockney and Edward Hopper.
Jasper Johns’ 1959 collage work False Start is set to fetch more than $50 million at Paul Allen’s November auction
Among the artists whose work is featured in Allen’s collection are Paul Cezanne, Jasper Johns, David Hockney, Edward Hopper, Pierre-Auguste Renoir, Georgia O’Keefe, Paul Gauguin, Roy Lichtenstein and Claude Monet.
Harry and Linda Macklowe, now separated, have sold their art collection for an incredible sum of 922.2 million dollars
In 2017, Leonardo da Vinci’s “Salvador Mundi” sold for a whopping $450 million after being estimated at $100 million, further encouraging dealers to buy and reap the rewards.
The late Microsoft co-founder Paul Allen also has one of the most valuable collections ever assembled, including works by Edward Hopper, Georgia O’Keefe and Claude Monet.
Allen’s collection is expected to generate more than $1 billion in sales and will be featured in November at Christie’s in an auction titled “Visionary: The Paul G. Allen Collection.”
In 2015, he told Bloomberg, “To live with these works of art is truly amazing. I think you should share some of the works to give the public a chance to see them. Allen said in the same interview that his art collection was a “really, really good investment for me”.
After Allen’s death, it was revealed that he was the anonymous buyer of Monet’s painting of haystacks titled Meule in 2016. The painting sold for $81.4 million.
2022 has also brought a wave of digital art sales as NFTs have seen a boom in popularity. Sotheby’s NFT sales attracted $80 million, while Christie’s raised $150 million from NFTs.
But external NFT sales eclipsed both auction houses, as NFT owners selling their works via blockchains earned an outrageous $11.1 billion in revenue, a massive increase from at just $4.6 million in 2019.