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Painting Price Spells Gloom for Economy

Portrait of Bacon auctions for only $9.4M at Christie's

By Laurel Jorgensen, Newser Staff

Posted Oct 19, 2008 7:14 PM CDT

(Newser) – A Lucian Freud painting expected to sell for more than $12 million at Christie’s today went for only $9.4 million, a sign that even super-rich buyers of contemporary art are cutting back in the financial crisis, the Daily Telegraph reports. The art world... Read full story »

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art • Sotheby's • Christie's • Francis Bacon • art auction • Lucian Freud • financial crisis

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Painting Price Spells Gloom for Economy

Portrait of Bacon auctions for only $9.4M at Christie's

art • Sotheby's • Christie's • Francis Bacon • art auction • Lucian Freud • financial crisis

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More Newser Stories

Strapped Art Market Preps for Auctions

Expectations low as auction houses try variety of tactics

Contemporary Art Scores for Auction Houses

Sales swelled 36% in 2007; some fear houses too invested in the new

London Art Market Feels a Chill

Lack of once-plentiful foreign cash hurts auctioneers

Christie's Cuts Jobs as Art Sales Slump

250-year-old auction house downsizes to stay afloat

Auction Houses Counting on Russians

Buyers prop up industry staggering from economic crunch

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