10 Most Expensive Art Pieces Sold in 2024: Which Famous Painter Has The Highest Price Tag?

Appreciating artworks by notable painters and artists can be quite subjective. For some people, a still life sketch of fruit and flowers on a table is a work of art. Some would go say that abstract lines and figures are beautiful in a certain sense. However, many do not really understand why a framed painting of a young woman with a weird smile can demand millions of dollars.

Art appreciation can be confusing as people’s reception to beauty varies greatly from person to person. But to a select few, owning a creation of reputable masters, even if it would cost them tens of millions of dollars, is a privilege they love to have and experience.

2013 is a year that highlights such extravagance only the wealthy can afford. According to Christie’s, one of the world’s reputable auction houses, art sales last year amounted to over $7 billion. This list ranks the most expensive art sales that occurred in 2013. Read on and discover the top 10 priciest masterpieces sold in 2013.

#10 Picasso “Woman Sitting Near a Window”

Price: $44.9 million

This piece features Marie Therese Walter, Pablo Picasso’s greatest love. Their romance is one of the most celebrated affairs in the world of art. One good reason is that Marie encouraged Picasso to practice Cubism, a painting technique he later became famous for. Two, they say a painter is a good lover. Considering Picasso was 45 when he met Marie, then a 17-year old lass, such statement could never be farther from the truth.

#9 Norman Rockwell “Saying Grace”

Price: $46 million

Considered by many as one of the few modern American artists who can truly depict American life, Rockwell was paid a commission of $3,500 for this painting. This particular work of art appeared as a cover of the Saturday Evening Post’s Thanksgiving issue in 1951.  The painter’s son, Jarvis, is one of the models of this painting, which depicts a woman saying grace in a crowded restaurant. One of the expensive art sales in 2013, the buyer refused to be identified and chose to purchase the item quietly.

#8 Mark Rothko “Untitled (No. 11)”

Price: $46.1 million

Although branded by his contemporaries and most of the art community as an “abstract impressionist”, Rothko despised the designation. He described Untitled (No. 11), which was completed in 1957, not as a painting, but “an experience”. Rothko met his tragic end 13 years later, when the painter decided to commit suicide.

#7 Jean-Michel Basquiat “Dustheads”

Price: $48.4 million

Known for his graffiti works in the Lower Eastside of Manhattan back in the 70s, Jean Michael Basquiat had the privilege of meeting Andy Warhol, one of the greats in modern art. Dustheads exhibits Basquiat’s wizardry with conventional materials. The artwork is made of acrylic, oilstick, spray enamel and metallic paint on canvas. Sadly, he committed suicide in 1988 and died at the young age of 27.

#6 Roy Lichtenstein “Woman With Flowered Hat”

Price: $56.1 million

This pop art by Roy Lichtenstein was painted in 1963 and was inspired by Picasso’s Dora Maar. In the art world, spoofs of another master’s work do not carry much value but this creation by Lichtenstein is clearly an exception.  The “Woman With Flowered Hat” is now the most expensive artwork of Lichtenstein, when jeweller Laurence Graff bought it last year for $56.1 million as a birthday present for himself.

#5 Andy Warhol “Coca-Cola (3)”

Price: $57.2 million

Accredited as the Father of Pop Art, Andy Warhol’s creations are some of the most expensive paintings in the world. One of which is the “Coca-Cola (3)”, a black-and-white hand painted piece completed in 1962. The painting reflected Warhol’s views of consumerism in the United States, where everyone essentially yearns for the same thing. “A Coke is a Coke and no amount of money can get you a better Coke than the one the bum on the corner is drinking,” Warhol said.

#4 Jeff Koons “Balloon Dog”

Price: $58.4 million

Art is not only limited to paintings and sketches, which is why Jeff Koon’s “Balloon Dog” is on this list. Koon is fascinated with balloons, which encouraged him to make sculptures that resemble balloon animals. The New York Post reported that Koon’s “Balloon Dog” is the most expensive sculpture ever sold at an auction with the artist still living.

#3 Andy Warhol “Silver Car Crash (Double Disaster)”

Price: $105 million

One of the priciest creations of And Warhol, this painting, done with silkscreen ink and silver spray paint on canvas, shows very graphic details of a car crash, with the body still inside the mangled car. This particular Warhol creation is signed twice by the artist and was only displayed for public viewing once in 26 years. The buyer of this piece remains anonymous.

#2 Francis Bacon “Three Studies of Lucian Freud”

Price: $142 million

Basically a triptych portrait of Lucian Freud, Francis Bacon’s good friend, this piece uses oil on canvas. The painting, done in 1969, features three panels of Freud sitting in a stool inside a cage. This piece highlights Bacon’s distorted approach to painting, a practice he championed throughout his life. The sad thing about Bacon and Freud’s friendship was that it ended a year after this painting was finished. Elaine Wynn of the Wynn Hotels is the current owner of this masterpiece.

#1 Pablo Picasso “Le Reve”

Price: $155 million

Another Picasso creation that features Marie Therese Walter, Le Reve, which means “The Dream”, was done one lazy afternoon sometime in January of 1932. The painting was sold by Stephen Wynn of the popular Wynn Hotels to American hedge fund manager Steven Cohen via a private sale. Despite Wynn causing a 6-inch tear in the painting, which cost him $90,000 worth or extensive repair, the La Reve still warranted a heavy price.

How do you start investing in art?

Investing in art can be an exciting and rewarding venture. Here are some steps to help you get started on the right path:

• Educate Yourself: Begin by learning about different art styles, movements, and key artists. Familiarize yourself with the art market, current trends, and notable auction houses. Books, online courses, and art fairs are great resources for gaining knowledge.
• Set a Budget: Determine how much you are willing to invest. Art can range from affordable prints to multimillion-dollar masterpieces. Setting a clear budget will help you focus your search and avoid overspending.
• Explore Different Types of Art: Consider various art forms, such as paintings, sculptures, photography, or contemporary pieces. Each category has its own market dynamics and potential for appreciation. Choose a type that resonates with you personally.
• Attend Art Fairs and Auctions: Visiting art fairs and auctions can expose you to various artists and styles. It’s also an opportunity to meet other collectors, dealers, and artists. Pay attention to the pieces that draw your interest and their price points.
• Buy What You Love: While investment potential is essential, you should also buy art you genuinely love. This passion will make your investment more enjoyable and fulfilling, regardless of its monetary value.
• Consult Experts: Seek advice from art consultants, galleries, or established collectors. They can offer insights and guidance on acquiring pieces and building your collection.
• Start Small: Consider beginning with smaller or emerging artists. These pieces may be more affordable and have the potential to appreciate over time as the artists gain recognition.
• Document and Insure Your Collection: Keep records of your purchases, including receipts and provenance. Insuring your artwork protects your investment against theft or damage.

Key Insights

• Subjectivity in Art Appreciation: Art appreciation varies greatly among individuals, with different perceptions of beauty influencing the value placed on artworks.
• High Value of Art: Wealthy individuals are willing to pay tens of millions for renowned masterpieces, viewing ownership as a privilege.
• Record Art Sales in 2013: In 2013, art sales reached over $7 billion, with several pieces fetching record prices at auctions.
• Picasso’s Influence: Pablo Picasso’s works, particularly those featuring Marie Therese Walter, commanded high prices, highlighting his significant influence in the art world.
• American Art: Norman Rockwell’s “Saying Grace” fetched $46 million, showcasing the high value placed on quintessential American art.
• Abstract Art and Tragedy: Mark Rothko’s “Untitled (No. 11)” and Jean-Michel Basquiat’s “Dustheads” illustrate the tragic fates of these abstract artists and their lasting impact on art.
• Pop Art Popularity: Roy Lichtenstein and Andy Warhol’s pop art pieces, including “Woman With Flowered Hat” and “Coca-Cola (3),” continue to be highly valued.
• Sculpture Market: Jeff Koons’ “Balloon Dog” exemplifies the high market value of contemporary sculptures, especially those by living artists.
• Warhol’s Record: Andy Warhol’s “Silver Car Crash (Double Disaster)” set a high auction record, reflecting his profound influence on contemporary art.
• Bacon’s Triptych: Francis Bacon’s “Three Studies of Lucian Freud” showcases the complex relationship between artist and subject, fetching a significant price at auction.

FAQ

1. Why are art pieces valued so highly? Art pieces can demand high prices due to factors such as the artist’s reputation, the artwork’s historical significance, its rarity, and the emotional or aesthetic appeal it holds for collectors.
2. What makes Picasso’s works so valuable? Picasso’s works are highly valued because of his pivotal role in the development of modern art, his innovative techniques like Cubism, and the historical and personal significance of his paintings, particularly those featuring his muse, Marie Therese Walter.
3. Who was Marie Therese Walter in relation to Picasso? Marie Therese Walter was Picasso’s muse and greatest love, who inspired many of his famous works. Their relationship significantly influenced Picasso’s artistic style and themes.
4. What is the significance of Norman Rockwell’s “Saying Grace”? “Saying Grace” is significant as it captures quintessential American life and values. It was featured on the cover of the Saturday Evening Post’s Thanksgiving issue in 1951, adding to its cultural importance.
5. Why did Mark Rothko dislike being labeled as an abstract impressionist? Mark Rothko disliked the label “abstract impressionist” because he believed his works were more about creating an experience rather than fitting into a specific artistic category.
6. What is unique about Jean-Michel Basquiat’s “Dustheads”? “Dustheads” is unique because it showcases Basquiat’s innovative use of conventional materials like acrylic, oilstick, spray enamel, and metallic paint, highlighting his distinctive graffiti-influenced style.
7. How did Roy Lichtenstein’s “Woman With Flowered Hat” differ from typical spoofs? Unlike typical spoofs that might carry less value, Lichtenstein’s “Woman With Flowered Hat” is an exception due to its connection to Picasso’s work and its standing as a significant piece in the pop art movement.
8. What message did Andy Warhol convey through “Coca-Cola (3)”? In “Coca-Cola (3),” Warhol conveyed a message about consumerism in America, emphasizing the idea that certain products, like Coca-Cola, are universally desired regardless of social or economic status.
9. Why is Jeff Koons’ “Balloon Dog” notable? Jeff Koons’ “Balloon Dog” is notable for being the most expensive sculpture ever sold at an auction by a living artist, reflecting the high market value of contemporary sculptures.
10. What makes Francis Bacon’s “Three Studies of Lucian Freud” valuable? “Three Studies of Lucian Freud” is valuable due to its depiction of Bacon’s good friend Lucian Freud, its use of oil on canvas, and its representation of Bacon’s distinctive distorted painting style.

By Jenny Chang

Jenny Chang is a senior writer specializing in SaaS and B2B software solutions. Her decision to focus on these two industries was spurred by their explosive growth in the last decade, much of it she attributes to the emergence of disruptive technologies and the quick adoption by businesses that were quick to recognize their values to their organizations. She has covered all the major developments in SaaS and B2B software solutions, from the introduction of massive ERPs to small business platforms to help startups on their way to success.