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Contemporary Art Goes Over Big at Christie's

Could it be a coincidence that the stock market rebounded and Christie's had a great night at their postwar and contemporary art on Tuesday in New York? After the rather iffy returns after the Sotheby's auction last week mainly people were afraid that the numbers on the postwar and contemporary art auctions this week might not be so strong, especially since the contemporary is often the most volatile end of the market. No worries at Christies, they brought in $325 million, smack in the middle between the presale estimates of $271 to $373 million.

The stars of the show were a blue-and-ornange painting by Mark Rothko which sold for $34.2 million. Other top-selling artists included media darling Richard Prince, the nearly always bankable Lucian Freud and the art world's clown prince Jeff Koons whose "Blue Diamond" went for $11.8 million.

This sale even had a Hollywood angle in the form of a 1963 turquoise Andy Warhol portrait of actress Elizabeth Taylor that belonged to Hugh Grant. The painting sold for $23.6 million which was below its $25 million low estimate. Last week, Christie's had a strong night followed by a disappointing evening at Sotheby's. Judging by today's stock market dip, they just might be in for a bumpy night.

[Thanks, Lana]

Gallery: Christie's Postwar and Contemporary Art Sale

Richard Prince's Piney Woods NurseLucian Freud's lb and her husbandAndy Warhol's Muhammad AliAndy Warhol's LizRothko's Dark Over Light

Hugh Grant Set To Make Big Bucks By Selling His Liz

Auction house Christie's big contemporary art sale in New York isn't until November 13 but the art world is already buzzing about the fact that one of Andy Warhol's iconic Liz Taylor portraits will be on the auction block. The turquoise Liz was created in 1963 and is part of Warhol's celebrity portraits that also include Marilyn Monroe and Jackie Kennedy. This work also has a celebrity owner. Actor Hugh Grant bought the painting six years ago for $3.5 million at Sotheby's in New York. He now could realize anywhere from $25 million to $35 million on his investment.

Hugh Hates His Houses

Apparently, Hugh Grant hates all of the 17 "horrible houses" he owns in London. He seems to keep buying the places, deciding that they are "not very nice" and moving on to buy another. One has to wonder if Hugh knows that there are people in business to prevent this sort of situation. He could call an interior decorator to redesign the homes or a contractor to gut the buildings and start over fresh. He could also call a real estate agent and sell some of the properties. The properties include a $9 million bachelor pad, which doubles as an office for his production company, but it sounds as though he might want to keep that one. 

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