Michael McGinnis News
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Andy Warhol’s 1962 silkscreen painting “Four Marilyns” sold for $38.2 million at Phillips in New York Thursday night, the top price in a $78.6 contemporary- art sale that concluded two weeks of semi-annual evening auctions.
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Madonna, Leonardo DiCaprio and Microsoft co-founder Paul Allen could help sell as much as $1.3 billion of art at the three New York auction houses this month.
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Auction house Phillips is expanding in New York and London after changing its name and chairman.
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The recovery in the market for contemporary art suffered a relapse last night as almost half the lots at an auction in London failed to find buyers.
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A Pablo Picasso painting priced at $8.5 million was among early sales as billionaires browsed London’s biggest Frieze Week.
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Mark Rothko, Gerhard Richter and Francis Bacon paintings will boost auctions this month that may raise more than $611 million as sellers are spurred by rising prices for museum-quality works.
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A Lucio Fontana “slashed” canvas formerly owned by Andy Warhol was the top seller in an auction that raised $9 million as trademark works by contemporary artists continued to attract collectors and investors.
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Cy Twombly’s untitled acrylic- on-canvas featuring three rows of dripping red loops sold for $9 million at Phillips de Pury & Co. in New York last night, the late artist’s second-highest price at auction.
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A Jean-Michel Basquiat painting was the most expensive lot at a London sale as dealers said demand was tempered by caution and fatigue from a week of auctions.
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Andy Warhol ’s blotchy 1962 black-and- white painting of serially married movie star Elizabeth Taylor sold for $63.4 million last night at Phillips de Pury & Co. in New York, the second-highest price for the artist at auction.
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