Bacon Painting Fails to Sell at Auction

A self-portrait by Francis Bacon, up for sale at the famed auction house Christie’s in New York, failed to sell earlier in November. The 1964 “Study for Self Portrait” was expected to sell for almost $40 US. However, the auction house halted the proceedings in the November 12^th auction.

There are many interpretations of this event, depending on who you listen to. According to the British publication Times Online, pulling the painting when the bidding reached $27.4 million is a catastrophic sign of the economic crisis hitting the art market. Of course, British tabloids aren’t exactly known for their restraint when writing about events (read the complete TimesOnline article).

The New York Times had more even-handed coverage of the auction. According to the New York Times, Christie’s pulled the Bacon painting because it received no bids. It may be that Christie’s over-estimated the demand for the painting and had merely promised to deliver something they just could not. (Read the full New York Times article).

Interestingly, the New York Times reports that several paintings at the same auction actually sold for much more than expected, a fact that the British publication failed to mention. For example, “Pharmacy” (1943), a Joseph Cornell box sold for $3.7 million, well above its $2 million estimate, and a record price for the artist at auction.

Yayoi Kusama’s “No. 2″, a 1959 canvas of white and gold tones sold for $5.7 million, way above its $3.5 million high estimate and another record.

So what does this all mean? If you have millions to spend on your art collection, the market is unpredictable and you may be able to get some deals, but don’t count on it. For regular collectors, this one auction really doesn’t have an impact.