Monday, December 7, 2009

Masterpiece

Of finance, or art... or whatever it was.

In a gear-changing sign that the art market is shaking off the recession, Sotheby's auctioned off $134.4 million worth of post-war and contemporary art earlier tonight at its Manhattan salesroom, including a smoky sheet of dollar bills by Andy Warhol that sold for $43.7 million. The sale total surpassed the auction house's own goal of $67.9 million to $97.7 million - and outperformed its $125 million sale of contemporary art last November.

After a year of cautious bidding, the mood in the salesroom Wednesday night grew increasingly upbeat, with fashion designer Valentino Garavani and jeweler Laurence Graff among the winning bidders. The night unquestionably belonged to Warhol. The Pop artist is a household name, but his early 1960s silkscreens rarely surface at auction. That's why at least five bidders, including dealer Jose Mugrabi, chased after the artist's "200 One Dollar Bills," a seminal 1962 piece that Sotheby's last sold more than two decades ago for $300,000. A telephone bidder got it tonight for $43.7 million - over three times its $12 million high estimate - or $218,812.50 for each silkscreened dollar bill in the painting
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Just stop and start anywhere.

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