No. 5, 1948
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| No. 5, 1948 |
| Jackson Pollock, 1948 |
| Abstract |
| 8 x 4 feet |
| Private collection |
No. 5, 1948 is an abstract painting by Jackson Pollock (January 28, 1912 – August 11, 1956), an American painter known for his contributions to the abstract expressionist movement. The painting was done on a 8 x 4 feet sheet of fibreboard, with thick amounts of brown and yellow paint drizzled on top of it, forming a nest-like appearance. [1] It was originally owned by Samuel Irving Newhouse and displayed at the Museum of Modern Art before being sold to David Geffen and then allegedly to David Martinez in 2006. [2]
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[edit] Alleged sale
According to a report in the New York Times, on November 2, 2006, the painting was sold by David Geffen, founder of Geffen Records and co-founder of Dreamworks SKG, to David Martinez, managing partner of Fintech Advisory Ltd, in a private sale for a record inflation adjusted price of $140 million dollars. [3] The sale was reportedly brokered by Sotheby’s auctioneer Tobias Meyer. [4] It is speculated that Geffen sold the painting, along with two others, to raise enough funds to bid for the Los Angeles Times. [2] Martinez, on the other hand, has reportedly been amassing an art collection; buying multiple modern artworks in recent years as well as a two-floor, $54.7 million dollar apartment in the south building of the Time Warner Center.[2]
This sale would make the painting the most expensive ever sold, privately or at auction, intentionally exceeding the sale of Gustav Klimt's 1907 Portrait of Adele Bloch-Bauer I to Ronald Lauder, heir to the Estée Lauder Companies fortune, by around five million dollars. [4] David Cook, deputy director of painting at Sotheby's Australia, stated that the price of Pollock's paintings will continually rise in value, as very few of Pollock's paintings are still left. Cook has also stated that another of Pollock's paintings, Blue Poles, is worth at least $A180 million and possibly even more than No. 5, 1948.[5]
[edit] Refutations
The sale to Martinez is not confirmed and being refuted. Thus, the auction expert Josh Baer indicated that Martinez was not the buyer of the painting.[6] In addition, Shearman & Sterling LLP issued a press release on behalf of its client, David Martinez, to announce that contrary to recent articles in the press, Mr Martinez does not own the painting or any rights to acquire it.[7]
[edit] See also
[edit] Notes and references
- ^ Financier splashes out $140m for Pollock work. Post-Tribune. Retrieved on 2006-11-08.
- ^ a b c Art Market Watch. Artnet. Retrieved on 2006-11-08.
- ^ A Pollock Is Sold, Possibly for a Record Price. The New York Times. Retrieved on 2006-11-08.
- ^ a b Pollock work 'earns record price'. BBC. Retrieved on 2006-11-08.
- ^ Our Poles world's top-priced painting?. canberra.yourguide. Retrieved on 2006-11-08.
- ^ "Art Market Watch, Novemver 3, 2006".
- ^ "The Week in Mexico".
