Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

NY Times Corrects List of Top Private Sales

July 5, 2017 by Marion Maneker

The New York Times chose a strange way to publish a correction to its reporting two years ago that a Gauguin painting had been sold privately for $300m. A court case in London has shown that the painting was sold for $210m, a substantially lower but still phenomenal price.

Private sale prices are difficult to ascertain, with good reason. The parties who know the true price are very limited. But those who claim to know the price have several motivations that are not constrained by the truth.

Indeed, there is a perverse incentive upon all parties to inflate the value of a private sale: Seller gets bragging rights, buyer sets value for resale higher than price paid, and the person relating this information to the press gets to show they’re ‘informed’ on the biggest deals.

With all of that in mind, it is surprising to see the New York Times correct its initial report on the Gauguin by re-affirming the prices of other similar reports without an explanation of why those reports should be taken any more seriously than the now-refuted Gauguin report:

At the very least, however, the suit has rearranged the top rankings for high art prices: Willem de Kooning’s 1955 painting “Interchanged” stands alone with a reported sale price of $300 million in 2016. Cézanne’s “Card Players” brought $250 million in a sale to the Qatari government in 2011.

Lawsuit Reveals Gauguin Painting Was Not World’s Most Expensive (NYTimes.com)

More from Art Market Monitor

  • CBS News on Graffiti ArtCBS News on Graffiti Art
  • Sotheby’s African Art Sale Returns in AprilSotheby’s African Art Sale Returns in April
  • Dealers Sell for Money, Hold for WealthDealers Sell for Money, Hold for Wealth
  • Peter Schjeldahl on Zurbaran at the FrickPeter Schjeldahl on Zurbaran at the Frick
  • The Museum Oil and Gas BuiltThe Museum Oil and Gas Built
  • Kiefer’s Watercolors Continue to Light Up Market as Artist Shows in Hong KongKiefer’s Watercolors Continue to Light Up Market as Artist Shows in Hong Kong

Filed Under: General

About Marion Maneker

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Asian Art Market Continues Rapid Ascent at Sotheby’s $270 M. Hong Kong Sales
  • Emily Ratajkowski Shows Off Her Richard Prince—or Is That Just a DIY New Portrait?
  • Tony Podesta's Secret Art Buying
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • How to Chant Like an Auctioneer
  • Christie's Announces $70m Picasso Self Portrait
  • Tracey Emin Neon Lights Up Sotheby's 'Contemporary Showcase' Pop-Up
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor