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Struggling Economy Cannot Afford Art

| Filed under: Etc.Media Minute


At the same auction Metallica drummer Lars Ulrich sold his Untitled Basquiat painting for a cool $14 million ($2 million more than its estimated sale price), Francis Bacon's (Not to be confused with the Elizabethan philosopher) Study For Self Portrait failed to hit its estimated auction price by about $10 million.

In a sign of consumer belt-tightening, the 1964 trypticht peaked at only $27.4 million - falling drastically short of its expected $40 million. Another Bacon triptycht sold last May for $86.2 million, setting a record for the Irish painter who died in 1992.

When the bidding stopped at 27.4 million the esteemed auction house halted the proceedings, to a chorus of gasps.

The art auction world is not faring the economic decline very well, with 30-40% of lots going unsold, and the prices of sold pieces disappointing expectations.

[Image via AP Images.]

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41 comments to “Struggling Economy Cannot Afford Art”

  1. 1

    NKOTB FANS! check out this donnie wahlberg fansite!! face-time.net !!

  2. 2

    ps: FIRST!!

  3. 3

    ART? CRAP!

  4. 4

    Perez: the word is TRIPTYCH!!! Pronounced "trip-tick." It's not trypticht and it's not triptycht…

  5. 5

    Re: facetime

  6. Hole says – reply to this


    you fucking retards….Perez

  7. 7

    Re: facetime – $8 of Chik-fil-a for you!

  8. 8

    Obama will make it all better.

  9. 9

    Re: facetime – no one cares. honestly.

  10. 10

    BTW La Dipshit, you're no Hillary Duff!

  11. 11

    I would donate my kidneys, liver, and stomach for those paintings. Anyone interested?

  12. 12

    Re: Melissa is always right. – Obama once pissed on a guy and cured his cancer!

  13. 13

    La Diva had to go work the swing shift at Del Taco, bye CUNT!

  14. 14


  15. 15

    If a man be gracious and courteous to strangers, it shows he is a citizen of the world, and that his heart is no island cut off from other lands, but a continent that joins to them.
    -Francis Bacon, Essays, Of Goodness and Goodness of Nature, 1625

  16. 16

    Re: facetime – LOSER!

  17. 17

    If money be not they servant, it will be thy master. The covetous man cannot so properly be said to possess wealth, as that may be said to possess him.
    -Francis Bacon

  18. 18

    whoop dee fucking doo

  19. 19

    Re: harrybalsac – He needs to piss on Michelle then.

  20. 20

    Re: LettyBRe: harrybalsacRe: FAGS SHOULD BE SMOKED!Re: Melissa is always right. – Later my pets! See you all on the flip side. LettyB, my love, I will dream of you. Smooches!

  21. 21


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  23. 23


  24. 24

    Re: _Alice_ – loves ya bitch

  25. 25


  26. Hole says – reply to this


    God damn liars….get your story straight….retract this.

    lars sold the painting

    lars did not buy the painting

    you are dumb and have a stinky hole

  27. 27

    Hey they should go sell this kind of crap over in Europe…..cause you know their economy is SO much better then the US's.
    I think I'd rather spend my millions are doing something good for mankind instead of buying art…you go Lars….good choice :(

  28. modo says – reply to this


    This is old news!

  29. 29

    Wow Perez…please stick to what you know (meaning mindless gossip), and please refrain from making comments about the art world; you only emphasize your total obliviousness.
    The word is triptych.
    And spelling it two different ways (both of which are wrong) only makes it clear to everyone that you have no idea what you're talking about.

  30. 30

    Re: TheOneWhoIs

  31. 31


    Spell it with me. T-R-I-P-T-Y-C-H.


    An art historian.

  32. 32

    Did he buy it or sell it? Get your story straight!

  33. 33

    oh boo hoo. So much of the modern art world is crap. I went to an MFA show and some "artist" made a bunch of stick things - I kid you not. Little stick things- poorly assembled even. And that crap was art.
    My criteria is whether or not I could do it. If i could do it, it isn't art.

  34. 34

    As the director of an art gallery in a resort in Colorado, not all of the art world is suffering. I am aware that auction houses have not been getting consistent results on sales, but, ironically, we tripled our sales goals in the month of October. The bulk of those items were considered "invesment grade", which in oftentimes deceased artists, but it doesn't have to be. Some of the wealthy are definitely investing in artwork, but they aren't doing it all at auctions. Plus the auction houses having some scandals several years ago did not help their cause. Some auction houses are under-estimating minimums now, but those over-estimating worth are probably the ones not making sales. People just aren't bidding knowing they are too high to start and the seller's want a minimum not realizing they can't get that in the current market.

  35. 35

    dear Perez, like you understand what a deductive syllogism is, you pretentious fuck. what a pompous fraud you are

  36. 36

    Perez, if you watched any news other than reading bits and pieces and think you are a journalist… the art, like houses, were over speculated, so they are facing the same crisis as homes!!! PEOPLE ARE GREEDY and OTHERS CAN"T WAIT TO PURCHASE SOMETHING THEY CAN"T AFFORD!!!

  37. 37

    Just so everyone knows, it's triptych…..whooo, now we all know what we're all talking about ((((smile)))

  38. 38

    We should all know and appreciate art. It is a gift to all; never to disregarded or unappreciated. But, as it seems, it too has fallen on hard times.

  39. 39

    It's nice to read something about art here.

    But sadly this is more about big money.

    I cannot understand why people spend big money on artist, that are dead.

    Why does no one talk about living artist? They are the children of our times.

    Francis paintings are beautiful. Although the first ones he made were the best.

    Don't say about art, you could do it too. Chances are, you can't.

  40. 40

    Not surprised… in this economy, why buy Bacon you can't eat? LOL

  41. 41

    The struggling economy CAN afford art - this shit ain't selling because buyers are smart enough to not spend money on crap.