Francis Bacon painting sells for record $142.4 million in New York

November 13, 2013

Francis_Bacon

New York, Nov 13: Francis Bacon's three-paneled painting " Three Studies of Lucian Freud" became the most expensive work of art ever sold at auction on Tuesday when it soared to $142.4 million at Christie's.

The 1969 triptych, never before offered at auction and which carried a pre-sale estimate of about $85 million, easily eclipsed the $119.9 million price of Edvard Munch's "The Scream," achieved in May of last year at Sotheby's. The previous record for a Bacon work of art was $86.3 million set in 2008.

The monumental painting depicts the Dublin-born painter's friend and fellow artist Lucian Freud on a chair, with a view from each side and one face-on. Christie's called it "a true masterpiece that marks Bacon and Freud's relationship" and their "creative and emotional kinship."

With bidding starting at a whopping $80 million, it sold after a protracted bidding war both in the packed New York salesroom and via telephone. Christie's did not disclose the identity of the successful buyer.

"Three Studies of Lucian Freud" is also one of only two existing full-length triptychs of Freud, a grandson of the founder of psychoanalysis Sigmund Freud, and the three panels were separated for 15 years in the 1970s before being reunited, Christie's said.

The auction also set another significant record, for a price achieved at auction by any living artist, when Jeff Koons's large sculpture, "Balloon Dog (Orange)," fetched $58.4 million, beating the high pre-sale estimate and smashing the old mark for a living artist of $37.1 million set by Gerhard Richter's "Domplatz, Mailand (Cathedral Square, Milan)" earlier this year.

Auction officials have said that new, deep-pocketed collectors from around the globe are driving prices for top-tier works to record levels.

At a recent preview, Christie's head of postwar and contemporary art, Brett Gorvy, noted that collectors from Asia, Russia and the Mideast flush with cash were determined to assemble world-class collections featuring trophy works.

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News Network
February 18,2020

Washington, Feb 18: The upcoming visit of President Donald Trump to India later this month has the potential to usher in a new era of bilateral ties between the two countries, a top American business advocacy group has said.

President Trump will pay a state visit to India on February 24 and 25 at the invitation of Prime Minister Narendra Modi. He would be accompanied by First Lady Melania Trump.

This would be the president's first bilateral visit in the third decade of the 21st century and also the first after his acquittal by the Senate in the impeachment trial.

"I believe President Trump's upcoming visit to India has the potential to usher in a new era of our bilateral ties," Mukesh Aghi, President of the US India Strategic and Partnership Forum (USISPF) said in a statement on Monday.

On the sidelines of the visit, the USISPF, in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the ORF, has announced to organise a program entitled "US-India Forum: Partners for Growth".

The full-day discussion will focus on the key pillars defining India and the US' strategic, economic, and cultural partnership over the next decade.

"We have an opportunity before us to make real progress on multiple aspects of the relationship— whether it is upholding peace and security in the Indo-Pacific region; building upon an already strong energy partnership; developing co-production and co-development opportunities in the defense space; or strengthening bilateral trade," Aghi said.

"We look forward to an extremely successful visit and some concrete outcomes from the visit," he said.

The day-long programme on February 25 in New Delhi, will bring together over 500 senior business executives, members of the US-India think tank community and leading figures of the Indian diaspora to set the agenda for this strategic partnership.

Discussions during the day will touch upon areas, including the Indo-Pacific Strategy and Maritime Security; the US-India Defence Partnership, the US-India Energy Partnership, Elevating US-India Trade and Investment and Role of the Indian Diaspora in US-India Relations.

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Agencies
June 13,2020

Washington, Jun 13: America's first-ever Hindu lawmaker Tulsi Gabbard has said that in this chaotic time, one can find certainty, strength, and peace in Bhagavad Gita.

In her message during a virtual commencement address, the 39-year-old Congresswoman from Hawaii said that it is a chaotic time and no one can say with certainty what tomorrow looks like.

"... but we find certainty, strength, and peace in the practice of Bhakti Yoga and Karma Yoga taught to us by Krishna in the Bhagavad Gita," Tulsi Gabbard told the 'Class of 2020 for Hindu students''.

Her address came amidst protests in the US against the killing of African-American George Floyd by a white police officer in Minneapolis.

The country has been swept by protests since George Floyd's custodial death on May 25 with thousands of people mounting pressure for changes to the law enforcement practices.

The first-ever virtual Hindu commencement was organised by the Hindu Students Council on June 7, which drew thousands of viewers on Facebook and YouTube Live, all coming together in solidarity during the ongoing COVID-19 crisis.

According to Johns Hopkins Coronavirus Resource Center, the contagion has infected over 76,00,000 people and killed more than 4,25,000 across the world. The US is the worst affected country with over 2.04 million cases and more than 1,14,000 deaths.

The COVID-19, which originated in China''s Wuhan city in December last year, has also battered the world economy with the International Monetary Fund saying that the global economy is bound to suffer a "severe recession".

Scientists are racing against time to find a vaccine or medicine for its treatment.

Hundreds of graduates from the US, Canada, the UK, India and Australia attended to commemorate their graduation in a unique way - by celebrating their shared Hindu values.

Professor Subhash Kak served as the ceremony's Grand Marshall.

"As you think about this new chapter in your lives, ask yourself what is my purpose in life? It is a deep question that if you can recognise now that your purpose is to serve God and God''s children, practicing Karma Yoga, then you can lead a truly successful life," Tulsi Gabbard said.

"Success is not defined by temporary material things, trinkets, glittery objects or accomplishments - but a deeply successful and happy life centered around service," she added.

The Iraq war veteran ended her presidential campaign in March and offered her full support to former vice president Joe Biden, 77, who is all set to challenge Republican incumbent Donald Trump, 73, in November elections.

The commencement address focused heavily on themes from the Bhagavad Gita, a timeless historical text that many Hindus consider their moral framework.

Professor Kak, Regent Professor at Oklahoma State University and 2019 Padma Shri recipient, read out the names of the graduating students.

"I exhort you - the graduating students - to be the leaders of the new world where education is less of the mind of a vessel to be filled with information (usually forgotten after the semester is over), and more of a flame that is lit as envisioned by our Vedic sages," he said.

The student speakers were from many university campuses, including the Massachusetts Institute of Technology, Princeton, and Stanford.

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The programme included offerings of Hindu prayers, recitation of a traditional graduation message from the Upanishads, and a symbolic conferral of degrees to high school and college graduate.

Founded in 1990, Hindu Students Council is North America''s largest pan-Hindu youth organisation. 

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News Network
April 13,2020

Manila, Apr 13: The Asian Development Bank (ADB) on Monday tripled the size of its response to novel coronavirus disease (COVID-19) pandemic to 20 billion dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The package expands ADB's 6.5 billion dollars initial response announced on March 18, adding 13.5 billion dollars in resources to help ADB's developing member countries counter the severe macroeconomic and health impacts caused by COVID-19.

The 20 billion dollar package includes about 2.5 billion dollars in concessional and grant resources.

"This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction and throw economies into recession," said ADB President Masatsugu Asakawa.

"Our expanded and comprehensive package of assistance, made possible with the strong support of our board, will be delivered more quickly, flexibly and forcefully to the governments and the private sector in our developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn," he said in a statement.

ADB's most recent assessment released on April 3 estimates the global impact of the pandemic at between 2.3 and 4.8 per cent of gross domestic product. Regional growth is forecast to decline from 5.2 per cent last year to 2.2 per cent in 2020.

The new package includes the establishment of a COVID-19 pandemic response option under ADB's countercyclical support facility.

Up to 13 billion dollars will be provided through this new option to help governments of developing member countries implement effective countercyclical expenditure programs to mitigate impacts of the COVID-19 pandemic, with a particular focus on the poor and the vulnerable.

Grant resources will continue to be deployed quickly for providing medical and personal protective equipment and supplies from expanded procurement sources.

Some 2 billion dollars from the 20 billion dollar package will be made available for the private sector. Loans and guarantees will be provided to financial institutions to rejuvenate trade and supply chains.

Enhanced microfinance loan and guarantee support and a facility to help liquidity-starved small and medium-sized enterprises, including those run by female entrepreneurs, will be implemented alongside direct financing of companies responding to or impacted by COVID-19.

The response package includes a number of adjustments to policies and business processes that will allow ADB to respond more rapidly and flexibly to the crisis. These include measures to streamline internal business processes, widen the eligibility and scope of various support facilities and make the terms and conditions of lending more tailored.

All support under the expanded package will be provided in close collaboration with international organisations, including the International Monetary Fund, World Bank Group, World Health Organisation, UNICEF, other UN agencies and the broader global community.

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