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The Most Expensive Oil Painting ever sold : “No. 5, 1948” by Jackson Pollock

Jackson Pollock ‘s  No.5, 1948

 

 

 

This image is of the painting, , and the copyright for it is most likely owned by either the artist who produced the image.Please access to http://en.wikipedia.org/wiki/File:No._5,_1948.jpgfor more information.

 

 

 Year: 1948

Date of slae: 2006-11-02

Dimensions: 2.4 m × 1.2 m (8 ft × 4 ft)

Seller: David Geffen

Auction house: Private sale via Sotheby’s

Original price in USD: $140,000,000.00

Adjusted price in March 2011 in USD: $155,300,00.00

 

No. 5, 1948 is a painting by Jackson Pollock, an American painter known for his contributions to the abstract expressionistmovement. The painting was done on an 8' × 4' sheet of fiberboard, with thick amounts of brown and yellow paint drizzled on top of it, forming a nest-like appearance.[1]It was originally owned by Samuel Irving Newhouse, Jr.and displayed at the Museum of Modern Artbefore being sold to David Geffenand then allegedly to David Martinezin 2006 (though the supposed sale of this painting to Martinez has been denied by his attorneys).

 

According to a report in The New York Timeson November 2, 2006, the painting was sold by David Geffen, founder of Geffen Recordsand co-founder of Dreamworks SKG, to David Martinez, managing partner of Fintech AdvisoryLtd, in a private sale for a record inflation-adjusted price of $140 million.[3]The sale was reportedly brokered by Sotheby’s auctioneer Tobias Meyer,[4]however, the law firm of Shearman & Sterling, LLP, issued a press release on behalf of its client, David Martinez, to announce that contrary to recent articles in the press, Martinez does not own the painting or any rights to acquire it.[5]It is speculated that Geffen sold the painting, along with two others, to raise enough funds to bid for the Los Angeles Times. Martinez has reportedly been amassing an art collection, buying multiple modern artworks in recent years.[citation needed]

This sale would make the painting the most expensive ever sold, privately or at auction, exceeding the sale of Gustav Klimt's 1907 Portrait of Adele Bloch-Bauer Ito Ronald Lauder, heirto the Estée Lauder Companiesfortune, by around five million dollars.[4]David Cook, deputy director of painting at Sotheby's Australia, stated that the price of Pollock's paintings will continually rise in value, as very few of Pollock's paintings are still left. Cook has also stated that another of Pollock's paintings, Blue Poles, is worth at least 180 million AUD and possibly even more than No. 5, 1948.[6]In addition to the refutation issued by Shearman & Sterling, the auction expert Josh Baerindicated that Martinez was not the buyer of the painting.

 




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