Mar 15, 2021 08:00:00

How has the highest bid been recorded before the painting was sold for 51 billion yen?

At the same time as a work of art, painting has been attracting attention as a type of investment target in recent years, and it can be surprisingly priced at auctions.

Christophe Spaenjers , an associate professor of finance at the HEC Paris School of Business in France, explains the winning bids for such painting auctions and changes in the market.

A history of the art market in 35 record-breaking sales | Yale School of Management
https://som.yale.edu/news/2016/06/history-of-the-art-market-in-35-record-breaking-sales

◆ 1700-1850
According to Spaenjers, who investigated the prices of paintings sold at auctions after 1701, Herald Doe 's ' Interior with woman and child ' painting was £ 320 at the time at the auction in Amsterdam in 1701. There is a record that it was sold for about 5.2 million yen in terms of modern value). In the 18th century, Doe's paintings and Anthony van Dyck 's ' Resting on the way to Egypt ' were at high prices.

For Europeans who were interested in painting from the 18th century to the first half of the 19th century, obtaining works of art was also a means of showing power inside and outside the country. Among them, Catherine the Great of the Russian Empire seems to have gained respect for Russia from European countries through the collection of works of art.

Rembrandt van Rijn became more popular in the second half of the 18th century , and in 1798 'The Centurion Cornelius ' was sold for £ 1522 (about 10.2 million yen in modern value), and in 1811 the same. Rembrandt's ' The Shipbuilder and his Wife ' was sold for £ 5,250 (about 37 million yen in modern value).

◆ 1850-1930
In 1852,

Bartolome Esteban Murillo 's ' Immaculate Conception ' won the bid for £ 24,600 (about 300 million yen in terms of modern value), which is more than four times the highest bid so far. it was done.

After that, the maximum amount was not updated for a while, but since the beginning of the 20th century when the world financial markets were linked and the world population increased, the maximum amount has been updated in quick succession. George Romney 's ' The Misses Beckford ' was £ 54,600 in 1919, and Thomas Lawrence 's ' Pinky ' was 77,700 in 1926. It was sold for pounds (about 480 million yen in terms of modern value).

◆ 1930-2010
In the 1910s and 20s, the highest bids were set in quick succession, but the Great Depression and World War II affected the art market, and the bids were not set for a while. The auction bid was updated again in 1957 when

Paul Gauguin 's ' Apples ' was sold for £ 104,630 (about 380 million yen in modern value). thing.

The following year, in 1958, Paul Cézanne 's ' Boy in a Red Vest ' cost £ 220,000 (about 700 million yen in modern value), and in 1961, Rembrandt's ' Aristotle staring at Homeros' bust '. Diego Velázquez 's ' Juan de Palais ' was sold for £ 817,052 (about 2.6 billion yen in modern value), and then in 1970, Diego Velázquez's 'Juan de Palais' was sold for £ 2.31 million (converted to modern value). It was sold for about 5 billion yen).

During this period, works of art received a lot of attention as speculative targets, and the prices of paintings were greatly pushed up by the wealthy people in each country. Japan, which had a bubble economy in the 1980s, played a role in this boom. In 1987, Yasuda Fire & Marine Co., Ltd. won a successful bid for Vincent van Gogh 's ' Sunflowers' for £ 24.75 million. I gathered a lot of attention.

After that, in 1989,

Pablo Picasso 's ' Les Noces de Pierrette' was priced at £ 32,934,977 (about 7.5 billion yen), and in 1990, Van Gogh's ' Portrait of Dr. Gachet ' was priced at £ 49,121,762 (about 12 billion yen). It was sold by a Japanese businessman for the highest price ever.

◆ 2010-modern
Even in the 2010s, the highest bids in auctions continue to be updated. Edvard Munch 's 'The Scream ' was sold for £ 74,03394 in 2012, and Francis Bacon 's ' Three Studies of Lucian Floyd ' was sold for £ 89,411,063 in 2013. In 2015, Picasso's ' Women of Algiers ' was sold for £ 116.2 million.

Spaenjers predicts that fast-growing Chinese businessmen will gain more influence in the art market in the future, and said the highest bids for painting auctions could be rewritten by Chinese.

The most expensive painting at the time of writing the article was Leonardo da Vinci 's ' Salvator Mundi, ' which was sold at an auction in New York in November 2017. The winning bid is about 450 million dollars (about 51 billion yen at the rate at that time).

CNN.co.jp: Da Vinci Painting, Successful Bid for 51 Billion Yen The highest price ever for a work of art-(1/2)
https://www.cnn.co.jp/showbiz/35110516.html