
Following the record-breaking $106 million
Picasso sale
we reported on last week, another world record has been set with the sale of late author
Michael Crichton's seminal
Jasper Johns Flag painting last night for $28.6 million. Both works were sold by
Christie's in New York,
fulfilling our prediction in
The Classicist last month that the auction house's May art sales would bring in "megabucks". The 1966 flag painting, which had been estimated at up to $15 million,
was sold to to
New York art adviser Michael Altman before a crowd of VIPs and art collectors including hedge-fund manager
Steve Cohen, Hollywood mogul
Michael Ovitz, billionaire
Eli Broad, author
Salman Rushdie and designer
Marc Jacobs. The sale's other big cash cow was
Andy Warhol, whose 1965 Elizabeth Taylor diptych, "Silver Liz," sold for $18.3 million to New York art dealer Dominique Levy. The Crichton estate's 31 pieces alone sold for $93.3 million, against a $69.6 million high estimate. The sale broke at least five world records for artists including Johns,
as predicted by Luxist's Tom Johansmeyer.
All in all Christie's auctioned $232 million of post-war and
contemporary art on Tuesday, with around 74% of the offerings going to American buyers. "Within five minutes of opening the rooms for the stunning pre-sale exhibition of the Crichton Collection, we were packed," said Brett Gorvy, International Co-Head of Post-War and Contemporary Art at Christie's. "There was a sense of anticipation. The sale [Tuesday] reaffirms the continued confidence in the art market." Amy Cappellazzo, Christie's International Co-Head of Post-War and Contemporary Art, notes that "This is the most significant Post-War & Contemporary Art collection ever sold at auction. It was a quintessential American sale. We were delighted with the results across the board and also to see the works by Warhol sell well. Warhol is a bellwether for the market. It sends a strong signal across the board."