Hockney Painting set for record $80m

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A painting by British artist David Hockney is set to become the most expensive work by a living artist to ever be sold at auction. Portrait of an Artist is estimated to be worth $80m said Christie who are auctioning the painting this November.

It is one of the great masterpieces of the modern era. Christie said. The record belongs to American Jeff Koons. His stainless steel Balloon Dog sold for 58$m in 2013.

Right now, the price level for this painting is set in the region of 80$m which does not mean I want to cap it there, but that where we place it with in the context of market history, said Alex rotter co chairman of post War and Contemporary Art and Christie.

Christie has not disclosed the private seller, but Mr Rotter added: It is this rare coincidence- when the best painting of an artist is actually available.

With this painting Hockney cemented his placement with in the realm of history most venerated artists and come November, it is poised to become the most valuable work of art by a living artist ever sold at auction.

The painting will be exhibited in Hong Kong, London and Los Angeles before it is auctioned on 15 November in New York.

 

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