Over USD2 billion worth of artwork for sale in New York auctions

By Rizza Sta. Ana

Nov 04, 2013 05:44 AM EST

According to a Bloomberg report, over USD2 billion of artwork would be up for sale in auctions houses in New York. Sale of artwork that included Impressionist, modern, postwar and contemporary art had been up by 40% from the previous auction cycle in May.

The owners who would be selling artwork this cycle included hedge-fund billionaire Steven A. Cohen, Miami Marlins owner Jeffrey Loria, guitarist Eric Clapton and newsprint magnate Peter Brant.

31 of the artworks had a low estimate selling price of USD10 million. Auction house Christie's would be selling 14 of the artworks which would command the most biggest purse prices, said Bloomberg. One of the artworks for sale in Christie's, Francis Bacon's "Three Studies of Lucien Freud," could be sold for over USD95 million.

Christie's would be doing an evening sale or artwork first from art dealer Jan Krugier's collection. Krugier died in 2008.

Aside from Christie's and Sotheby's, auction houses Phillips and Bonhams would be selling artwork, albeit at lower values.

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