Most Expensive Painting Ever Sold At Auction Vs. the Most Expensive Rug
Most Expensive Painting – For twelve agonizing minutes the audience watched and even cheered as they watched five bidders compete for the pleasure of owning The Scream by Edvard Munch. The buzz could be felt as the bids kept inching their way higher and high, till the bidding paused for a bit at $99 million dollars which prompted Tobias Meyer, the auctioneer, to say, “I have all the time in the world.”
And the applause could be heard when the $100 million bid was cast, shattering the previous record for most expensive painting ever sold, set two years ago by Christie’s New York when Picasso’s Nude, Green Leaves and Bust brought $106.5 million.
This got me thinking about the value of art as it relates to antique rugs. On 15 April 2010 at Sothebys London, King Street location the record for the most expensive rug ever sold was set at a “measly” $9,599,535. While almost $10,000,000 is not chump change by any means, it by no means the norm.
Antique rugs in general, might fetch a million plus every now and then but art is seen consistently selling for ten times that. Percentage wise, rare antique rugs have seen the median price points escalate tremendously over the past couple of years but they are still tremendously undervalued. Young collectors who are priced out of the art market are shifting their focus to rugs and textiles clamoring for the best examples while the prices are still considerably low.
As the years go by, we expect the prices for antique oriental rugs to continue their upward momentum. The number of rare pieces available on the market has dwindled tremendously over the past two years thanks mostly to the recent opening of a number of museums combined with the spike in interest by collectors.