If you own a painting by Francis Bacon, 2007 was a good year for you. Transactions in works by Bacon (at auction only) reached US$245 million in 2007, far exceeding the US$41 million sold in 2006.
If you own a painting by Francis Bacon, 2007 was a good year for you. Bacon became the third highest selling artist in the world last year, based on statistics from
ArtPrice.com. This performance was not isolated, as the world seemed addicted to the entire Baconian school last year. Artists Lucian Freud and Damien Hirst also posted impressive returns.
Transactions in works by Bacon (at auction only) reached US$245 million in 2007, far exceeding the US$41 million sold in 2006. An annual increase of approximately 500 percent pushed the eccentric Brit to #3 from a 2006 position of #19. Seven pieces were largely responsible for this rapid ascent, with each selling for more than US$10 million.
Study for Innocent X set a record for works by Bacon at US$47 million, followed by
Study for Bullfight No. 1 at US$41 million. Sotheby’s facilitated both transactions.
Collector interest in Bacon was not limited to the master, as Bacon-influenced artists posted substnatial numbers 2007. Sculptor and installation artist Damien Hirst moved from #58 to #15 on the
ArtPrice.com list, fueled by US$75 million in auction sales. This result is up from the US$17 million in 2006, thanks in large part to the sale of
Lullaby Spring for US$17 million.
Buoyed by Bacon sales activity, action in Lucian Freud’s work jumped, as did Freud’s
ArtPrice.com ranking. The sale of his work at auction almost doubled, exceeding US$30 million in 2007. As a result, Freud moved from #54 to #38. The highest auction price reached was slightly above US$17 million compared to US$16 million in 2006.
