No artwork has come close to the price paid by a telephone bidder for Leonardo Da Vinci’s “Salvador Mundi” at Christies in New York. Composed in the 16th Century, it last changed hands in the 1950s, when it was bought for £45 as it was believed to be a copy.
In just 19 minutes, the 26-inch tall painting referred to by the auction house as “The Last DaVinci” broke the record for most expensive painting ever sold. Proceedings briefly dwindled around the $200 million mark before a renewed energy saw the bidding battle taking $2 million strides before the hammer came down on the equivalent of £342 million.
The depiction of Christ is over two and half times more expensive than the previous record-holder, Picasso’s “Women of Algiers” which sold for almost $180 million at auction in 2015.
While you might not have paintings of broaching the hundreds of millions at home, it’s always worth checking that any pieces of art you do have are properly insured. Check your policy and / or speak to our experienced and friendly team on 01228 406290 or email us for further advice.
Last week the Financial Conduct Authority (FCA), reported several remedies to tackle concerns about ’dual pricing’ in the insurance market.
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