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Wednesday, May 2, 2012

'The Scream' fetches record $119.9M at NYC auction

NEW YORK -- Sometimes beauty is trumped by the beast. After bullish expectations and an aggressive marketing campaign for an image considered the quintessential expression of modern horror, Sotheby'sNew York sold Edvard Munch's 1895 “The Scream” for $119.9 million on Wednesday night, setting a record for the most expensive artwork sold at auction.

The top spot was previously held by Picasso's 1932 “Nude, Green, Leave and Bust” -- a painting of his much-younger lover Marie-Therese Walter that sold at Christie’s in 2010 for $106.5 million.

The identity of the buyer, who was bidding by phone during the 12-minute auction, has not been confirmed. Bidding started at $40 million, with at least five bidders. Rumors before the sale, not confirmed, focused on interest from the royal family of Qatar.

The image has become part of pop culture, "used by everyone from Warhol to Hollywood to cartoons to teacups and T-shirts," said Michael Frahm of the London-based art advisory service firm Frahm Ltd. "Together with the Mona Lisa, it's the most famous and recognized image in art history."
A buzz swept through the room when the artwork was presented for auction as two guards stood watch on either side. Bidding started at $40 million with seven buyers jumping into the competition early.
The battle eventually boiled down to two phone bidders as the historic hammer price was finally achieved after more than 12 minutes. The record price includes the auction house's fee.

Sotheby's said the pastel-on-board version of "The Scream" is the most colorful and vibrant of the four and the only version whose frame was hand-painted by the artist to include his poem, detailing the work's inspiration.
In the poem, Munch described himself "shivering with anxiety" and said he felt "the great scream in nature."
Norwegian businessman Petter Olsen, whose father was a friend and patron of the artist, said he sold the piece through Sotheby's because he felt "the moment has come to offer the rest of the world the chance to own and appreciate this remarkable work."
"I have lived with this work all my life, and its power and energy have only increased with time," Olsen said.
Proceeds from the sale will go toward the establishment of a new museum, art center and hotel in Hvitsten, Norway, where Olsen's father and Munch were neighbors.
The director of the National Museum in Oslo, Audun Eckhoff, says Norwegian authorities approved the Munch sale since the other versions of the composition are in Norwegian museums. One version is owned by the National Museum and two others by the Munch Museum, also in Oslo.
Frahm had predicted the sale would break a record. He said it will show that great quality artworks can still come up for sale; that the top end of the market is driving further away from the rest of the market and that it's a global market now where Asia and the Middle East are playing a more significant role than Europe and America.

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