Lucian Freud’s unfinished portrait (1956-7) of his friend Francis Bacon had many in the global art market holding their breaths. Up for auction tonight at Christie’s in London, the painting was expected to fetch £7 million. Bloomberg reports that it sold for much less: £5.4 million.
After lower-than-expected contemporary art sales at Sotheby’s, Frieze, and now Christie’s, dealers consider the Freud sale to be a sign of a stalling global market and a deepening financial crisis.
The Independent on Sunday reports great apprehension:
The global art market is all but dead already, except for buyers of ‘trophy art’ whose fortunes have previously seemed unassailable. If they stop bidding, prices will plummet.
Freud’s portrait was considered a harbinger for super-rich spending. The fact that it sold for less than expected (although still above the presale low estimate of £5 million) indicates that even trophy buyers are cutting back.
Fasten your seatbelts. Turbulence ahead.