The auction of two Rothkos and a De Kooning injects optimism into New York Art Week

Mark Rothko’s abstract painting “Brown and Blacks in Reds” sold at Sotheby’s in New York for $85.8 million with fees, near the artist’s $86.9 million record. The work, dated 1957, had a pre-sale estimate of $70 to $100 million. The result came as TEFAF New York opened, with gallery owners and attendees showing optimism about investor appetite. Economic uncertainty tied to the Iran crisis did not dampen spending interest among wealthy buyers. Art is described as a positive, healing experience, with investors seeking beauty in their lives. Analysts also watched the auction closely as collections from recently deceased millionaires begin entering the market.

"Mark Rothko's painting 'Browns and Blacks in Red' was auctioned this Thursday at Sotheby's in New York. Mark Rothko's painting Brown and Blacks in Reds sold for $85.8 million (with fees), very close to the Latvian-born American painter's record of $86.9 million. This abstract painting from 1957 had a pre-sale estimate of between $70 and $100 million."

"New York offers a very good indicator of where the world's great fortunes are headed. And the first signs suggest that, despite the uncertainty surrounding the crisis in Iran, the wealthy are eager to spend their money, especially on art. This is the conclusion of the Sotheby's auction held this Thursday, which marks the start of the biggest week of art in the financial capital of the United States."

"The optimism one might even say euphoria felt this Thursday in the crowded aisles of the TEFAF New York art fair open to guests and the press with invitations, and to the general public starting Friday points in the same direction. You can feel the excitement for this week of art that has just begun. In a world with so much negativity, art has become a positive, healing experience."

"Investors are eager to bring beauty into their lives, said Leanne Wood, director of TEFAF New York, in one of the few moments when potential buyers left her alone. Analysts in this market where finance and fine arts intertwine were closely watching what would happen Thursday at Sotheby's auction house. And the figures fueled the optimism that had already prevailed in the sector in recent weeks."

Read at english.elpais.com