A Scream Worth $119,922,500

Tyler Durden's picture

If Munch's Scream was a public company, its stock would be limit up now, because contrary to expectations of it selling at a just concluded auction in Sotheby's for $80 million, the painting just slammed all expectations (except LaVorgna's we are told), selling at a record $119,922,500 (that's $119.9 million... for a made in 1895, 36" x 28.9" painting). This makes it the highest amount of money ever spent for an artwork, with only Picasso's "Boy With a Pipe" and Giacometti's "Walking Man I" selling for more than $100 million in the past. That said, in real terms and assuming 2% annual inflation, the Picasso painting which sold for $104 million in 2004, would now be worth over $120 Million in nominal terms so once again we get into the whole nominal, real debate. It is unknown if some high freak algo went berserk and kept lifting the offer, confused that this is the travesty formerly known as the stock market (although certainly keep an eye out for strange screaming artwork in the GETCO offices) nor is the buyer, but one thing that is certain: it would take the average American 4,548.9 years, earning the 2010 Median Salary of $26,363.55 to be able to purchase the painting. And some wonder why there is a bit of a social divide in the world... As to whether a painting will be considered money by the Charmin' Chairman, well, we will have to wait and see.

From AP:

One of the art world's most recognizable images - Edvard Munch's "The Scream" - sold Wednesday for a record $119,922,500 at auction in New York City.

 

The 1895 artwork - a modern symbol of human anxiety - was sold at Sotheby's. The price includes the buyer's premium.

 

The image of a man holding his head and screaming under a streaked, blood-red sky is one of four versions by the Norwegian expressionist painter. The auctioned piece at Sotheby's is the only one left in private hands.

 

The previous record for an artwork sold at auction was $106.5 million for Picasso's "Nude, Green Leaves, and Bust," sold by Christie's in 2010.

 

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," he added.

 

Sotheby's said its 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 because he felt "the moment has come to offer the rest of the world the chance to own and appreciate this remarkable work."

 

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.

 

Sotheby's said a total of eight works have sold for $80 million or more at auction.

 

Only two other works besides Picasso's "Nude, Green Leaves, and Bust" have sold for more than $100 million at auction. Those are Picasso's "Boy With a Pipe (The Young Apprentice)" for $104.1 million in 2004 and Alberto Giacometti's "Walking Man I" for $104.3 million in 2010.