It’s more than common fact. Investing in art is one of the safest long term investments ever. A recent auction proved that when it sold a famous iconic painting for $119.9 million. Edvard Munch’s renowned painting “The Scream” sold in an auction for $119.9 million.
Yesterday the internet was roaming with an upcoming auction that was expected to break records in terms of revenue. Well, the New York auction set to sell Edvard Munch’s “The Screa” met expectations and delivered the seller an impressive $119.9 million check.
New York’s art auctions are impressive to start with, but not many artworks manage to pull off what Edvard Munch’s painting has. Two years ago, Christie’s auction house manage to sell Picasso’s artwork called “Nude, Green Leaves, and Burst” for $106.5 million. The record was left untouched until yesterday’s auction.
“The Scream” is iconic. It has been for quite some time now, and thanks to all the media references, the painting now enjoys a high degree of popularity. If not many people are able to identify certain Picasso’s, not the same can be told of Edvard Munch’s painting. The popular image of a man holding his head and screaming in what seems to be a terrifying and confusing world has now become part of the pop culture. It stands right next to Andy Warhol’s “Campbell’s Soup Cans”, Da Vinci’s “Mona Lisa” and Dali’s “Persistence of Memory”.
Seven buyers jumped right in as the auction organized by Sotheby’s began. Bidding started high enough, at $40 million, but given that “The Scream” is one of the most recognized artworks in history, buyers soon reached the one hundred million mark. Within 12 minutes, the auction ended. “The Scream” was bought for $119.9 M by a buyer who remained unknown.
The seller was Petter Olsen, a businessman from Norway. He said the decision to sell became obvious once he felt that it was time “to offer the rest of the world the chance to own and appreciate this remarkable work”.
The $119.9 M obtained from the sale will found a new museum and support an art center and hotel in Munch’s two, Hvitsten in Norway.