An auction house recently completed the sale of a painting for over $100 million, concealing details about the artwork, buyer, and seller. In a private interview, Christie’s CEO Guillaume Cerutti disclosed that the sale, which took place in January, involved a painting surpassing $100 million, but specific information was withheld.
Sources familiar with the transaction revealed that the painting in question was Mark Rothko’s “No. 6 (Violet, Green and Red),” created in 1951. It was reportedly sold by Russian billionaire Dmitry Rybolovlev, who acquired it for 140 million euros in 2014. The recent buyer, hedge fund billionaire Kenneth Griffin, declined to comment.
The sale’s secretive nature underscores the growing prominence of private sales within the auction world, especially since the surge in popularity during the Covid-19 pandemic. Christie’s reported $1.2 billion in private sales last year, a 49% increase from pre-pandemic levels, complementing its $5 billion in public auction sales. Sotheby’s also experienced growth in private sales, reaching $1.2 billion in the past year.
Private sales, known for their discretion, have proven effective for high-value masterpieces, often surpassing public auction prices. Christie’s CEO Cerutti noted their success during economic uncertainties, providing a counter-cyclical market.
Clients favor private sales due to their speed and confidentiality, offering auction houses like Christie’s an avenue to engage with top collectors globally. The recent $100 million sale could serve as a positive indicator for the broader art and collectibles market as Christie’s prepares for upcoming spring sales.
Notably, Christie’s auction of “The Collection of Sir Elton John” achieved substantial success, totaling $20.5 million. The auction featured items from the musician’s former Atlanta home, with standout sales including Banksy’s “Flower Thrower Triptych” at $1.9 million and a Rolex Daytona wristwatch with a leopard-print dial at $176,400.
The strong response from over 450,000 online viewers leading up to the auctions and nearly one million global live auction views suggests robust interest and participation in the art market.
