Rare Leonardo da Vinci Painting Sells in New York for $450.3 Million

The painting ‘Salvator Mundi’ by Leonardo da Vinci at Christie’s.
Drew Angerer/Getty Images

After 19 minutes of dueling, with four bidders on the telephone and one in the room, Leonardo da Vinci’s “Salvator Mundi” sold on Wednesday night for $450.3 million with fees, shattering the high for any work of art sold at auction. It far surpassed Picasso’s “Women of Algiers,” which fetched $179.4 million at Christie’s in May 2015. The buyer was not immediately disclosed.

There were gasps throughout the sale, as the bids climbed by tens of millions up to $225 million, by fives up to $260 million, and then by twos. As the bidding slowed, and a buyer pondered the next multi-million-dollar increment, Jussi Pylkkanen, the auctioneer, said, “It’s an historic moment; we’ll wait.”

Toward the end, Alex Rotter, Christie’s co-chairman of postwar and contemporary art, who represented a buyer on the phone, made two big jumps to shake off one last rival bid from Francis de Poortere, Christie’s head of old master paintings.

The price is all the more remarkable at a time when the old masters market is contracting, because of limited supply and collectors’ penchant for contemporary art.

And to critics, the astronomical sale attests to something else — the degree to which salesmanship has come to drive and dominate the conversation about art and its value. Some art experts pointed to the painting’s damaged condition and its questionable authenticity.

“This was a thumping epic triumph of branding and desire over connoisseurship and reality,” said Todd Levin, a New York art adviser.

Christie’s marketing campaign was perhaps unprecedented in the art world; it was the first time the auction house went so far as to enlist an outside agency to advertise the work. Christie’s also released a video that included top executives pitching the painting to Hong Kong clients as “the holy grail of our business” and likening it to “the discovery of a new planet.” Christie’s called the work “the Last da Vinci,” the only known painting by the Renaissance master still in a private collection (some 15 others are in museums).

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SOURCE: New York Times, Robin Pogrebin and Scott Reyburn