{"id":13624,"date":"2015-08-31T00:00:00","date_gmt":"2015-08-30T22:00:00","guid":{"rendered":"https:\/\/michelsanti.blog\/2015\/08\/31\/picasso-the-price-of-everything\/"},"modified":"2018-10-17T17:43:30","modified_gmt":"2018-10-17T15:43:30","slug":"picasso-the-price-of-everything","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/art-market\/picasso-the-price-of-everything","title":{"rendered":"Picasso: the price of everything"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/picasso-mainimage1.jpg?ssl=1\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-medium wp-image-6247\" src=\"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/picasso-mainimage1-300x170.jpg?resize=300%2C170&#038;ssl=1\" alt=\"picasso-mainimage\" width=\"300\" height=\"170\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>People instinctively like record breakers: fastest man, tallest building or longest winning streak. Records provide us with a frame of reference and a benchmark by which to judge what has gone before as well as what lies ahead. Records, we are often told, are there to be broken: they can inspire greater performances and provide a target to aim for. &#8220;<em>Les Femmes d\u2019Alger&#8221;, sold last May at $ 179 million by Christie&#8217;s,<\/em> set a new world record price for a work of art sold at auction. Prior to this sale, the previous record (after inflation) was a picture that had sold 25 years previously: Van Gogh\u2019s\u00a0&#8220;<em>Portrait of Dr Gachet&#8221;<\/em>\u00a0(1890), that made $82.5 million (equivalent to $148 million today) when it was offered at Christie\u2019s in May 1990. To put the price in context,\u00a0&#8220;<em>Les Femmes d\u2019Alger&#8221; <\/em>ranks only fourth on the list of record prices for artworks. The first two are Paul Gauguin\u2019s 1892\u00a0&#8220;<em>Nafea Faa Ipoipo&#8221; (When Will You Marry)<\/em>, which brought a reported $300 million in February 2015, and Paul C\u00e9zanne\u2019s 1892\u201393\u00a0&#8220;<em>The Card Players&#8221;<\/em>, which sold for a reported $250 million in April 2011. Both were purchased by the Qatar Museums. Number three on the list is Mark Rothko\u2019s 1951\u00a0&#8220;<em>No. 6&#8243; (Violet, Green and Red)<\/em>, which sold in August 2014 to Dmitry Rybolovlev at \u20ac140 million.<\/p>\n<p>&#8220;<em>Les Femmes d\u2019Alger&#8221;<\/em>\u00a0is the only one of these four paintings to be sold at auction; the other three were private transactions. The most expensive previous work sold at auction was Francis Bacon\u2019s\u00a0&#8220;<em>Three Studies of Lucian Freud&#8221;<\/em>\u00a0(1969), which was estimated at $85 million and sold for $142 million. Until the\u00a0&#8220;<em>Les Femmes d\u2019Alger&#8221;<\/em>\u00a0sale took place, the most expensive known prices for works by Picasso were $155 million in March 2013 for\u00a0&#8220;<em>Le R\u00eave&#8221;<\/em>\u00a0(1932) and $104 million in May 2004 for\u00a0&#8220;<em>Garcon \u00e0 la pipe&#8221;<\/em>\u00a0(1905). The entire 15-painting series of\u00a0&#8220;<em>Les Femmes d\u2019Alger&#8221;<\/em>\u00a0was purchased for&#8230;$212,500 from Picasso\u2019s dealer Daniel-Henry Kahnweiler by American collectors Victor and Sally Ganz in 1956. Ten of the 15 were later sold to the Saidenberg Gallery; the couple kept\u00a0<em>\u2018O\u2019<\/em>. That version sold for $32 million in November 1997 in the Ganz collection sale at Christie\u2019s New York. It was purchased by a Saudi collector living in London, who was the consignor of the sale at Christie\u2019s. The painting increased in value by 459 per cent in 17 years.<\/p>\n<p>When viewed from an historical perspective, the fact that exceptional artworks command enormous prices is nothing new. Commissioning and collecting art has always been the preserve of the wealthiest in society, from kings and prelates, to industrialists, oligarchs and even nation states. Nicholas II, the czar of Russia, paid $1.5 million for Leonardo da Vinci\u2019s \u201cBenois Madonna\u201d in 1914. A standard way to adjust historic art prices to account for inflation is to run them through Index inflation. Using this method, the czar\u2019s big 1914 price for the Leonardo is equal to $35.5 million today. What effect do record prices have on the market overall and what can we say about a painting that sells for $179 million, an amount that would purchase three Boeing 737s?<\/p>\n<p>It could be argued that breaking records at the top of the market, where only a handful of the world\u2019s super rich can compete, bears no relation to the rest of the market but this is not true. Record-breaking sales are a talking point for the general public and are seen as a barometer for the health of the art market as a whole. They encourage new consignments from owners wishing to take advantage of favourable market conditions and at the same time publicity may tempt new bidders into the market at different levels. Nor can one invoke the argument that these works are lost to the public for generations: many high-profile purchases end up on loan to blockbuster exhibitions or as permanent attractions in one of the many private museums being created all over the world. Record breakers are good for the market in a variety of ways and deserve to be celebrated. A work of art is not great because someone will pay a record price for it; however record prices are paid for great works of art. There is, of course, a danger of confusing high prices with aesthetic value; as Oscar Wilde put it, of knowing \u2018the price of everything and the value of nothing\u2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; People instinctively like record breakers: fastest man, tallest building or longest winning streak. Records provide us with a frame of reference and a benchmark by which to judge what has gone before as well as what lies ahead. Records, we are often told, are there to be broken: they can inspire greater performances and&hellip;<\/p>\n","protected":false},"author":4,"featured_media":13627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[648941286],"tags":[],"class_list":["post-13624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-art-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Picasso: the price of everything - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/art-market\/picasso-the-price-of-everything\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Picasso: the price of everything - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"&nbsp; People instinctively like record breakers: fastest man, tallest building or longest winning streak. Records provide us with a frame of reference and a benchmark by which to judge what has gone before as well as what lies ahead. 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After the collapse of the 300 billion dollar Evergrande, the biggest real estate company in China, the issue \u2013 albeit not a recent one \u2013 of\u2026","rel":"","context":"In &quot;capitalism&quot;","block_context":{"text":"capitalism","link":"https:\/\/michelsanti.fr\/en\/category\/capitalism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/10\/villes-fantomes.png?fit=550%2C381&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/10\/villes-fantomes.png?fit=550%2C381&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/10\/villes-fantomes.png?fit=550%2C381&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":21978,"url":"https:\/\/michelsanti.fr\/en\/inflation-en\/inflation-is-always-and-everywhere","url_meta":{"origin":13624,"position":3},"title":"Inflation is always and everywhere&#8230;","author":"Michel Santi","date":"February 22, 2022","format":false,"excerpt":"\u00a0 The ghost of Milton Friedman and his oh-so-famous repartee of the 1960s when he said that inflation is \u201calways and everywhere a monetary phenomenon\u201d still haunts us today. It is true that this assertion may seem plausible. After all, the immediate consequence of inflation is a rise in prices,\u2026","rel":"","context":"In &quot;Inflation&quot;","block_context":{"text":"Inflation","link":"https:\/\/michelsanti.fr\/en\/category\/inflation-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/02\/2022_pay_increases_e4jtv0.jpg?fit=1200%2C676&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/02\/2022_pay_increases_e4jtv0.jpg?fit=1200%2C676&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/02\/2022_pay_increases_e4jtv0.jpg?fit=1200%2C676&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/02\/2022_pay_increases_e4jtv0.jpg?fit=1200%2C676&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/02\/2022_pay_increases_e4jtv0.jpg?fit=1200%2C676&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13678,"url":"https:\/\/michelsanti.fr\/en\/growth\/oil-victim-of-deflation","url_meta":{"origin":13624,"position":4},"title":"Oil: victim of deflation","author":"Michel Santi","date":"January 30, 2016","format":false,"excerpt":"The collapse in oil prices has not brought with it the happiness that had been counted on, since economic fundamentals have not improved. As for Western consumption, its slight progress is owed more to a further drop in inflation indices than to an increase in salaries and revenues that is\u2026","rel":"","context":"In &quot;emerging markets&quot;","block_context":{"text":"emerging markets","link":"https:\/\/michelsanti.fr\/en\/category\/emerging-markets"},"img":{"alt_text":"p\u00e9trole","src":"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/p%C3%A9trole-300x187-300x187.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":19686,"url":"https:\/\/michelsanti.fr\/en\/inflation\/inflation-of-prices-deflation-of-policies","url_meta":{"origin":13624,"position":5},"title":"Inflation of prices, deflation of policies","author":"Michel Santi","date":"October 10, 2019","format":false,"excerpt":"So you think you understand inflation? Allow me to correct you because it is in no way the result of an unreasonable expansion of the money supply that translates into a rise in prices. This clich\u00e9d term of \u201cinflation\u201d, used unscrupulously by the detractors of central banks, by the prophets\u2026","rel":"","context":"In &quot;inflation&quot;","block_context":{"text":"inflation","link":"https:\/\/michelsanti.fr\/category\/inflation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/10\/inflation-300x213.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=13624"}],"version-history":[{"count":0,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/13627"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=13624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=13624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=13624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}