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
March 19,2020

Rome, Mar 19: Italy on Wednesday reported 475 new deaths from the novel coronavirus, the highest one-day official toll of any nation since the first case was detected in China late last year.

The total number of deaths in Italy has reached 2,978, more than half of all the cases recorded outside China, while the number of infections stood at 35,713.

The previous record high of 368 deaths was also recorded in Italy, on Sunday. The nation of 60 million has now recorded 34.2 percent of all the deaths officially attributed to COVID-19 across the world.

With the death rate still climbing despite the Mediterranean country entering a second week under an effective lockdown, officials urged Italians to have faith and to stay strong.

"They main thing is, do not give up," Italian National Institute of Health chief Silvio Brusaferro said in a nationally televised press conference.

"It will take a few days before we see the benefits" of containment measures, said Brusaferro. "We must maintain these measures to see their effect, and above all to protect the most vulnerable."

Imposed nationally on March 12, the shutdown of most Italian businesses and a ban on public gatherings are due to expire on March 25.

But school closures and other measures, such as a ban fan attendance at sporting events, are due to run on until April 3.

A top government minister hinted Wednesday that the school closure would be extended well into next month, if not longer.

The rates within Italy itself remained stable, with two-thirds of the deaths -- 1,959 in all -- reported in the northern Lombardy region around Milan, the Italian financial and fashion capital.

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Agencies
January 16,2020

Moscow, Jan 16: Russia's government resigned in a shock announcement on Wednesday after President Vladimir Putin proposed a series of constitutional reforms.

In a televised meeting with the Russian president, Prime Minister Dmitry Medvedev said the proposals would make significant changes to the country's balance of power and so "the government in its current form has resigned".

"We should provide the president of our country with the possibility to take all the necessary measures" to carry out the changes, Medvedev said.

"All further decisions will be taken by the president." Putin asked Medvedev, his longtime ally, to continue as head of government until a new government has been appointed.

"I want to thank you for everything that has been done, to express satisfaction with the results that have been achieved," Putin said.

"Not everything worked out, but everything never works out." He also proposed creating the post of deputy head of the Security Council, suggesting that Medvedev take on the position.

Earlier Wednesday Putin proposed a referendum on a package of reforms to Russia's constitution that would strengthen the role of parliament.

The changes would include giving parliament the power to choose the prime minister and senior cabinet members, instead of the president as in the current system.

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News Network
April 11,2020

Washington, Apr 11: China is considered a developing country, make the United States too a developing one, US President Donald Trump said on Friday, alleging that Beijing has taken advantage of his country.

"China has been unbelievably taken advantage of us and other countries. You know, for instance, they are considered a developing nation. I said well then make us a developing nation too,” Trump told reporters at his daily White House news conference on coronavirus.

The president was responding to a question on China.

“They get big advantages because they are a developing nation. India, a developing nation. The United States is a big developed nation. Well, we have plenty of development to do,” he said.

Reiterating that United States was taken advantage of by the World Trade Organization, Trump said the Chinese economy started booming after it joined WTO with the help of the US.

“If you look at the history of China, it was only since they went into the WTO that they became a rocket ship with their economy. They were flatlined for years and years,” he said.

“Frankly, for many, many decades. And it was only when they came into the WTO that they became a rocket ship because they took advantage of all -- I'm not even blaming them. I'm saying how stupid were the people that stood here and allowed it to happen,” he said.

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The Trump Administration will now allow that to happen, he said.

“If they don't treat us fairly, will leave. But now we're starting to win cases,” he said.

Alleging that China has taken advantage of the United States for 30 years, he said, China has taken advantage of the US through WTO and using rules that are unfair to the United States.

"They should have never been allowed it, this should have never been allowed to happen", he added.

“When China joined and was allowed to join under those circumstances the WTO, that was a very bad day for the United States because they have rules and regulations that were far different and far easier than our rules and regulations,” he said.

“Plus. They took advantage of them down to the last. China took advantage of them like few people would even think to take advantage of them and again they are considered right a developing nation,” he added.

The United States, he rued, is not considered a developing nation.

“The were given advantages (for being a developing nation). For many years China has ripped off the United States. Then I came along and right now, as you know, China is paying 25 percent," said Trump, adding that the US is now gaining "billions and billions and billions of dollars in tariffs from China”.

The US is not paying, he asserted.

“Not every country is China but China would devalue their currency and they would also pour out money and they essentially were paying most of those tariffs not us,” he said.

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