ART MARKET NEWS
Munch's Scream Tops May Art Market Bill
Edvard Munch’s “The Scream” is aiming to be the biggest seller in New York during May’s upcoming auctions. Private collectors as well as the big auction houses including Christie’s and Sotheby’s will be contributing a variety of pieces, some reaching well above $10 million. Other artist’s to feature in this momentous month are Picasso, Francis Bacon, and Warhol – to name a few.
During this time of recession, people are collecting work as a wealth criterion and a symbol of power. Most of the interest in Munch’s piece is coming from buyers in Asia and the Middle East. Many of these patrons are looking to acquire work to accompany their newly purchased properties in London as well as the United States. This buying spree across Europe and in the United States is due in large part to the drop in prices of the housing market and the increased scepticism towards the Euro.
Munch’s “The Scream” is being sold by a previous friend and patron of the artist, Mr. Petter Olsen. It will go on sale on May 2, and is anticipated to command $80 million. It is only one of four executions that is left in private collection. The 1895 pastel interpretation is presented in its original frame along with the artist’s personal annotations and is considered the most colourful of the artists executions.
Words: Portia Petterson © 2012 ArtLyst
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