The $75million Rothko

'No. 1 (Royal Red and Blue)', 1954, oil on canvas, 288.9 cm x 171.5 cm, Private collection

Mark Rothko has been one of my favourite artists for many, many years. Before I discovered Rothko (& co.) I was quick to dismiss modern art, finding it much easier to appreciate and argue the importance of Renaissance masterpieces such as the works of Da Vinci, Titian and Tintoretto. Considering that I am now studying for a Masters in Contemporary Chinese Art, it is fair to say that the discovery and subsequent appreciation of modern and contemporary art has really shaped the course of my education (and really, my career).

In New York on Tuesday night, No. 1 (Royal Red and Blue) sold for an incredible $75.1million (including fees) far surpassing the pre-sale estimate of $35-$50million. The work was owned by Sotheby’s longtime chief auctioneer and chairman John Marion. It is now second in the artist’s record book, Orange, Red, Yellow sold for $86.9million at Christies New York in May this year.

The painting was sold in a record-breaking Sotheby’s sale where more than $375million worth of art was sold, the most ever sold at an auction at Sotheby's! This year alone, Sotheby’s has raised more than $1 billion in sales. Tobias Myer, the Sotheby’s Worldwide Head of Contemporary Art Market, said in a statement, “If you want to talk about the market being happy, healthy and well, here it is. That’s probably as good as it gets.” 

On the subject of Rothko, Pace Gallery at 6 Burlington Gardens are currently showing some of Mark Rothko's late paintings, which have been paired up with contemporary photographs of seascapes by Hiroshi Sugimoto. The show ends tomorrow, so I may need to make a short detour to Mayfair to check it out and pick up some macarons at Ladurée before heading to school!