Abstract expressionist Barnett Newman's Onement VI has set the auction record for his work at auction, after realising $43.8m to top Sotheby's Contemporary Art Evening Sale in New York last night (May 14).
The previous record was set by Onement V at Christie's in May 2012, when it sold for $22.4m. The price realised last night reflects a 95.7% increase on 2012's record.
Also seeing a new record for his work was Gerhard Richter - the world's most valuable living artist.
The Barnett Newman piece was consigned by Microsoft co-founder Paul Allen, who is a renowned collector of art, vintage aircraft and Jimi Hendrix memorabilia. Learn more about his collections.
Following the sale, senior advisor on contemporary art at Citi Private Bank, Jonathan Binstock, commented: "The speculative element is returning to the market. There's more money to spend on riskier opportunities, ones that would have seemed unappealing just a few years prior."
Yet collectible investments needn't be a big risk.
The reliable rare coin and stamp sectors have out-performed the art market over the past 10 years, according to the 2013 Knight Frank Wealth Report. Give us a call on +44 (0)117 933 9500 and we'll be happy to get you started.