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.]