Details of Christie’s Secret Sale: Recently Sold Rothko Painting Sets Record at $100 Million

Christie’s Secret Sale: Rothko Painting Sets Record at $100 Million

In a recent secretive and unprecedented sale, Christie’s auction house in New York sold a painting for over $100 million. While the artwork, buyer, and seller were kept a secret, art dealers familiar with the transaction revealed that the painting in question was Mark Rothko’s “No. 6 (Violet, Green and Red),” painted in 1951. The piece was originally purchased by Russian billionaire Dmitry Rybolovlev for 140 million euros in 2014 and was subsequently sold to hedge fund billionaire Kenneth Griffin last month. Griffin, known for his collection of nine-figure artworks, declined to comment on the sale.

The undisclosed nature of this sale sheds light on the rapidly growing trend of private sales in the auction world. Private sales involve auction houses bringing artworks to their top clients for discreet transactions outside the public eye. These sales have experienced a surge since the pandemic, with collectors preferring confidential transactions. Christie’s reported $1.2 billion in private sales last year, a 49% increase from pre-pandemic levels, adding to its $5 billion in public auction sales. Sotheby’s also saw growth in private sales, reaching $1.2 billion in 2022.

Private sales have proven to be particularly effective for highly coveted masterpieces and often exceed top prices achieved at public auctions. Last year, Christie’s most expensive work sold at public auction was a Monet Water Lily painting for $74 million. However, CEO Guillaume Cerutti states that a work was sold in a private sale for an undisclosed higher price. Cerutti explains that private sales thrive during periods of economic uncertainty as sellers and consigners perceive risks in publicly auctioning their objects.

The appeal of private sales lies in their speed and confidentiality. Clients appreciate the efficiency of these transactions, while auction houses like Christie’s benefit from the opportunity to reach out to top collectors worldwide. The recent $100 million sale could also signal positive prospects for the broader art and collectibles market as Christie’s prepares for its spring sales.

One of Christie’s recent auctions, “The Collection of Sir Elton John,” showcased over 900 items from the musician’s former Atlanta home. The auction exceeded expectations, totaling $20.5 million, more than double the initial estimate. Notable sales from the auction include a Banksy triptych that sold for $1.9 million, a leopard-print dial Rolex Daytona Wristwatch that fetched $176,400, and a pair of silver platform boots that went for $94,500, surpassing estimates by more than 19 times. Even John’s 1990 Bentley Continental sold for an impressive $441,000, far surpassing its low estimate of $25,000.

The success of this auction is evident from the significant online interest it generated. Over 450,000 collectors and fans browsed the sales online in the weeks leading up to the live auction, which attracted nearly 1 million views from around the world.

Overall, Christie’s secret sale of a Mark Rothko painting for over $100 million showcases the growing trend of private sales in the art market. With collectors preferring discreet transactions and auction houses capitalizing on the opportunity to approach top collectors, private sales have become a significant part of Christie’s business. This recent record-breaking sale, along with the success of “The Collection of Sir Elton John” auction, bodes well for the future of the art and collectibles market.