Barnett Newman's Onement VI beats artist record by 95%

paulfrasercollectibles

2015-06-26 13:16:33

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Barnett Newman's Onement VI beats artist record by 95%

Barnett Newman's Onement VI was consigned by Microsoft co-founder Paul Allen

Abstract expressionist Barnett Newman's Onement VI has set the auction record for his work at auction, after realising $43.8m to top Sotheby's Contemporary Art Evening Sale in New York last night (May 14).

Barnett Newman Onement VIOnement is defined as the state of being at one or reconciled

The previous record was set by Onement V at Christie's in May 2012, when it sold for $22.4m. The price realised last night reflects a 95.7% increase on 2012's record.

Also seeing a new record for his work was Gerhard Richter - the world's most valuable living artist.

The Barnett Newman piece was consigned by Microsoft co-founder Paul Allen, who is a renowned collector of art, vintage aircraft and Jimi Hendrix memorabilia. Learn more about his collections.

Following the sale, senior advisor on contemporary art at Citi Private Bank, Jonathan Binstock, commented: "The speculative element is returning to the market. There's more money to spend on riskier opportunities, ones that would have seemed unappealing just a few years prior."

Yet collectible investments needn't be a big risk.

The reliable rare coin and stamp sectors have out-performed the art market over the past 10 years, according to the 2013 Knight Frank Wealth Report. Give us a call on +44 (0)117 933 9500 and we'll be happy to get you started.

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