For a layman it is difficult to understand the value of art. They are often taken aback by the enormous prices people pay for artistic creations. Sometimes even the experts underestimate the value of an artwork. But in auctions the art lovers decide what the true worth of creative work is. Photographs have often grown to be more than a snapshot and are often treated like modern art. Some of the famous photographs have achieved mind-boggling valuations and are treasured like valuable art work.
Christie’s impressionist and modern art auction in New York recently witnessed a photograph fetch a record breaking price to become the most expensive photograph ever sold in an auction. The photograph that made history was taken by Andreas Gursky and depicts a stunning panorama of Germany’s most famous river Rhine. The photograph is titled Rhein II and it eclipsed the current holder of the most expensive photograph – Cindy Sherman’s Untitled #96, which sold for a whopping $3.89 million at a Christie’s sale this May.
In fact the record was broken by quite a margin as Rhein II fetched $4.34 million at an auction which did not receive a very enthusiastic response overall. Gursky’s print was made in 1999 and was snapped up by an anonymous buyer. The precious photograph also beat the estimates made by the experts. The pre sales estimates had put the value of the photograph in between $2.5 million and $3.5 million. The final sale price which includes the buyer’s premium went over the estimates by more than 25%.. Do you think these valuations are justified?