Lena Rivera
The art market is a fascinating and dynamic world, with record-breaking sales of paintings grabbing headlines and captivating art enthusiasts worldwide. While some masterpieces are safely nested in renowned museums, others are closely guarded by private collectors, with their true value sometimes shrouded in secrecy. The most valuable painting in the world is a title that has been contested, with various works of art fetching astonishing prices and sparking intense debates. From the classic masters like Leonardo da Vinci and Vincent van Gogh to modern luminaries such as Andy Warhol and Jackson Pollock, the art world has witnessed remarkable sales that have shaped the landscape of art valuation and collection. As we delve into the topic of the most valuable painting in the world, we will uncover the stories behind these iconic artworks, explore the factors influencing their worth, and gain insights into the exclusive domain of high-value art transactions.
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What You'll Learn
Private sales and collections
For instance, in 2019, an Argentine art collector, Nelly Arrieta de Blaquier, allegedly sold Vincent van Gogh's "The Seated Zouave" for $300 million, but none of the involved parties confirmed the price. Similarly, in 2019, American hedge fund manager J. Tomilson Hill privately purchased Caravaggio's "Judith and Holofernes" for an undisclosed sum, estimated to be between $110 million and $170 million.
Some notable private sales by family museums or institutions include the Rudolf Staechelin Trust's sale of Paul Gauguin's "Nafea Faa Ipoipo" for $210 million in 2015, and the Rothschild family's sale of two Rembrandt portraits, "Marten Soolmans and Oopjen Coppit," for $180 million in 2016.
While the ownership of artworks is not always disclosed, some renowned private collectors include Argentine art collector Nelly Arrieta de Blaquier, American hedge fund manager J. Tomilson Hill, and art enthusiast Steven A. from SAC Capital, who acquired a Roy Lichtenstein painting from private collector Agnes Gund.
Private collections are not always destined for the art market, but they can significantly influence the value of artworks. The country in which a painting is kept is crucial when establishing its value, as several territories impose limitations on exporting artworks, especially older pieces or those deemed national treasures.
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Paintings by Old Masters
The term "Old Masters" refers to painters of skill who worked in Europe before about 1800, or a painting by such an artist. The term is also used to refer to a painting or sculpture made by an Old Master, a usage dating back to 1824. The Oxford English Dictionary defines an Old Master as:
> A pre-eminent artist of the period before the modern; esp. a pre-eminent western European painter of the 13th to 18th centuries.
Old Masters include artists such as Giovanni Bellini, whose painting The Virgin with The Child (1490) was probably made in collaboration with the painter Antonio Solario. Another Old Master is Giovanni Francesco Barbieri, whose work The Virgin with The Sleeping Child (1647) depicts the Child asleep, tenderly held by his mother.
Other notable Old Masters include:
- Paolo Uccello (1397–1475), known for his schematic use of foreshortening
- Masaccio (1401–1428), the first to use linear perspective to give a sense of three-dimensionality
- Sandro Botticelli (c. 1445–1510), a great Florentine master
- Caravaggio, whose painting Judith and Holofernes (1607) was bought for a rumoured $110 to $170 million
- Rembrandt, whose pair of full-length wedding portraits of Marten Soolmans and Oopjen Coppit (1634) were sold for $180 million
Old Master paintings have historically dominated the market for the most expensive paintings ever sold. However, in recent years, the most valuable paintings have been created by more modern artists, such as Vincent van Gogh, Pablo Picasso, and Andy Warhol.
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Modern paintings
Les Femmes d’Alger (Version O) by Pablo Picasso
Pablo Picasso, born in 1881 in Malaga, Spain, was a pioneer of Cubism who passed away in 1973 in Mougins, France. His painting "Les Femmes d’Alger (Version O)" from 1955 was sold at Christie's in New York to a Qatari politician, Hamad bin Jassim bin Jaber Al Thani, for $179.4 million.
No. 6 (Violet, Green and Red) by Mark Rothko
In August 2014, Yves Bouvier sold Mark Rothko's "No. 6 (Violet, Green and Red)" from 1951 to Dmitry Rybolovlev for $186 million. At the time, the painting was the most expensive artwork in the world.
Triptych Inspired by the Oresteia of Aeschylus by Francis Bacon
In 2020, Beijing's Poly Auction sold a rare Chinese handscroll for $73.4 million–$78.4 million, making it the most expensive Chinese classical painting ever sold at auction. That same year, Sotheby's sold Francis Bacon's "Triptych Inspired by the Oresteia of Aeschylus" for $74 million ($84.5 million with buyer's premium). The painting was purchased by a buyer from the United States.
Abstraktes Bild (649-2) by Gerhard Richter
Gerhard Richter's abstractions, created by pulling paint across a canvas to produce blurry effects, are popular at auctions. In October 2020, Richter's 1987 painting "Abstraktes Bild (649-2)" sold at Sotheby's Hong Kong for $27.6 million, setting a new record.
Quatre Nus by Sanyu
In July 2020, Sotheby's sold the Chinese-French master Sanyu's painting "Quatre Nus," depicting four reclining nude women, for $33.3 million. The painting, created in the 1950s, sold for $258 million Hong Kong dollars after a 10-minute bidding battle.
Vase with Fifteen Sunflowers by Vincent van Gogh
In March 1987, Vincent van Gogh's "Vase with Fifteen Sunflowers" sold for £24.75 million (£87.9 million in 2024 currency). This sale marked a new era in top art sales, as it was the first time a "modern" painting broke records, with old master paintings previously dominating the market.
Number 5, 1948 by Jackson Pollock
Jackson Pollock is known for his "drip" technique, where he would pour paint onto a canvas to convey emotion through movement. His painting "Number 5, 1948" sold in 2006 for $140 million, making it the most expensive painting in the world at the time.
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Paintings sold at auction
The most valuable painting sold at auction is Salvator Mundi, attributed to Leonardo da Vinci, which sold for $450 million at Christie's in 2017. The buyer was anonymous, but it was reported that they were acting on behalf of a Saudi prince, Bader bin Abdullah bin Mohammed bin Farhan al-Saud.
Other notable sales at auction include:
- Jean-Michel Basquiat’s 1982 piece, Untitled, sold for $106.5 million at Christie’s in 2010.
- Pablo Picasso’s Nude, Green Leaves and Bust, sold for $106.5 million at Christie’s in 2010.
- Roy Lichtenstein’s Nurse sold for $95.4 million at Christie’s in 2015.
- Qi Baishi’s Twelve Landscape Screens sold for $140.8 million in 2017.
- Francis Bacon’s Three Studies of Lucian Freud sold for $142.4 million at Christie’s in 2013.
- Jackson Pollock’s Number 17A sold for $200 million in 2015.
- Water Serpents II, by an unknown artist, sold for $170 million in 2017.
It is worth noting that the list of most expensive paintings is incomplete, as sales between private parties are not always reported, and details like the purchase price may remain confidential. For example, in 2019, the painting Judith and Holofernes, attributed to Caravaggio, was bought by an American hedge fund manager for an undisclosed sum two days before it would have been auctioned in Toulouse.
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Paintings in museums
While some of the most valuable paintings in the world are housed in museums, others are in private collections. The latter is a booming practice that has seen a significant increase in the price of artworks by the most important artists. The value of a painting is often determined by its provenance and sale history, and some works are considered priceless.
The most expensive painting in the world is the Mona Lisa by Leonardo da Vinci, which has a staggering valuation of $870 million (as of 2021) or $970 million. It has been on permanent display at the Louvre Museum in Paris since 1797 or 1804 and is safeguarded by law from potential buyers.
Another painting by Leonardo da Vinci, Salvator Mundi, sold for $450 million at a Christie's auction in 2017. It is now owned by the Saudi Arabian culture ministry.
Other notable sales include:
- Paul Gauguin's Nafea Faa Ipoipo, which sold for $210 million in 2015.
- Jackson Pollock's Number 17A, which sold for $200 million in 2015.
- Rembrandt's The Standard-Bearer, which sold for $198 million in late 2021.
- Vincent van Gogh's Vase with Fifteen Sunflowers, which sold for £24.75 million in 1987 (£87.9 million in 2024 currency).
- Georgia O'Keeffe's Jimson Weed/White Flower No. 1, which sold for US$44.4 million in 2014 (equivalent to US$59 million in 2024).
Some artworks are not for sale, such as those belonging to the Doria Pamphili Collection in Rome, which includes works by Velázquez, Raphael, and Caravaggio that would each exceed $200 million on the open market.
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Frequently asked questions
The most valuable painting in the world is the Mona Lisa by Leonardo da Vinci, which holds the Guinness World Record for the highest-known painting insurance valuation in history at US$870 million in 2021.
Salvator Mundi by Leonardo da Vinci is the most expensive painting ever sold. It was sold for $450 million at a Christie's auction in 2017 to an anonymous buyer, who was later revealed to be a Saudi prince.
Some other notable mentions of expensive paintings include:
- Number 17A by Jackson Pollock, which was sold for $200 million in 2015.
- Nu couché (Sur le côté Gauche) by Modigliani, which was sold for $157 million in 2018 and would be worth around $173 million today.
- No. 5 by Jackson Pollock, which was sold for $140 million in 2006.
- Water Serpents II by Gustav Klimt, which was sold for $180 million in 2015.
- The Standard-Bearer by Rembrandt, which was sold for $198 million in late 2021.
The value of a painting is influenced by various factors, including its provenance, sale history, and the country in which it is kept. The demand for unique works by famous artists can also drive up prices, especially when the supply remains the same.
