From CNBC:

Christie’s auction house in New York recently sold a painting for over $100 million. The specific artwork, buyer, and seller were kept secret. The painting was Mark Rothko’s “No. 6 (Violet, Green and Red),” previously owned by Russian billionaire Dmitry Rybolovlev and sold to hedge fund billionaire Kenneth Griffin in a private sale.

Private sales in the art market, like this one, have been on the rise due to the preference for discreet transactions. Christie’s reported $1.2 billion in private sales last year, a 49% increase from before the pandemic. These sales are particularly effective for high-demand masterpieces and can surpass auction prices.

CEO of Christie’s, Guillaume Cerutti, mentioned that private sales thrive during economic uncertainty, offering quick and confidential transactions for top collectors. The recent $100 million sale bodes well for the art market as Christie’s prepares for its upcoming spring auctions, like “The Collection of Sir Elton John,” which exceeded expectations.

Items in Elton John’s collection, such as Banksy’s “Flower Thrower Triptych” and a Rolex Daytona wristwatch, sold for significantly higher than estimated. Christie’s reported a large number of online viewers and nearly one million views during the live auction, indicating strong interest in high-end collectibles.



Read more at CNBC: Christie’s sells Rothko painting for $100 million in a secret sale