Auctions that Broke Records

Last week, a 1969 painting by Francis Bacon, “Three Studies of Lucian Freud,” sold for $142,405,000 at Christie’s in New York City. Surpassing the previous record-holder, Edvard Munch’s “The Scream,” which sold for $119 million last year, the artwork is one of several in recent years to break the $100-million barrier.

While Bacon’s work set the record for any work of art, Jeff Koons‘s sculpture “Balloon Dog” holds the record for a piece by a living artist. Fetching $58 million, “Balloon Dog”, a 10-foot-tall steel sculpture, exceeded pre-auction price estimates.

Auctions are intended to drive prices up as high as competitive bidders allow. But when a coveted work of art or one-of-a-kind item goes up for sale, appreciation can take on a whole different meaning as well-financed bidders push price tags into uncharted territory.

See more here Big Money Auctions that Broke Records

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