Christie's Auction House in New York.
CNBC
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Christie's auction house has just sold a painting for more than $100 million, although the artwork, buyer, and seller have remained an official secret.
In an interview with CNBC, CEO Guillaume Cerutti said Christie's sold the painting in January at a private auction for “well over $100 million,” though the auction house declined to provide details.
Art dealers familiar with the deal told CNBC that the painting is Mark Rothko's Painting No. 6 (Purple, Green and Red), which he painted in 1951. It was sold by Russian billionaire and collector Dmitry Rybolovlev, who bought it for $140 million euros in 2014.
Kenneth Griffin, the hedge fund billionaire and Citadel CEO, bought the lot from Rybolovlev last month. Griffin, a major collector of nine-figure artworks, declined to comment through a spokesperson.
Ken Griffin, CEO of Citadel, on CNBC's Delivery Alpha on September 28, 2022.
Scott Milin | CNBC
The murky nature of the sale, with few details available to the public, highlights the rapid growth in recent years of private sales — a secretive and unremarkable corner of the auction world. In a private sale, the work for potential sale is brought to an auction house, which reaches out to its major clients and brokers to reach a deal. Private sales have soared since the Covid-19 pandemic, as more and more collectors prefer discreet transactions outside the public eye.
Last year, Christie's generated $1.2 billion in private sales, up 49% from pre-pandemic levels and adding to the $5 billion in public auction sales. Auction house Sotheby's announced $1.2 billion in private sales, up from $1.1 billion in 2022.
Mark Rothko No. 6 (purple, green and red).
Private sales are especially effective for sought-after antiques and can often beat the highest prices at auctions. Last year, the most expensive painting sold by Christie's at auction was Monet's Water Lilies, valued at $74 million. However, Cerruti said she sold the work at a private auction for an undisclosed higher price.
Private sector sales perform particularly well during periods of economic uncertainty, he said. Last year, total sales at major auction houses fell 19%, according to ArtTactic.
“[Private sales] “It's the perfect market to be countercyclical,” he said. “When the market is more challenging at auction, sellers or consignors may feel that there is a risk for them not to sell the item, and therefore, when an item does not sell, it becomes more difficult to sell in the coming years. When the market is more challenging, private sales generally be better.”
Cerutti also said customers like it “because it's fast and discreet.” It is also a way for Christie's to “connect with the world's best art collectors.”
The $100 million sale could also be a positive sign for the broader art and collectibles market, as Christie's prepares for spring sales. Its auction for the “Sir Elton John Collection,” which includes more than 900 items from the musician's former home in Atlanta, totaled $20.5 million — more than double the estimate.
The highest-paid painting was Banksy's “Flower Thrower Triptych,” which sold for $1.9 million. A Rolex Daytona watch with a leopard-print dial sold for $176,400, and a pair of silver shoes went for $94,500 — more than 19 times the low estimate. John's beloved 1990 Bentley Continental sold for $441,000, well above its low estimate of $25,000.
Christie's said more than 450,000 collectors and fans browsed the online sales in the weeks leading up to the auctions. The auction house said the live auction attracted nearly one million views from around the world.
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