A painting reportedly owned by Microsoft co-founder Paul Allen sold for an astounding $US56.2 million during an auction at Phillips in New York City earlier this week, Bloomberg reports.
The piece was “Untitled (Red, Blue, Orange),” completed by modern artist Mark Rothko in 1955. Rothko works are extremely valuable — a similar painting sold for $US66.2 million at Christie’s earlier this month.
Allen bought the work for $US34.2 million in 2007, and he was guaranteed an undisclosed minimum amount regardless of how much it sold for this week.
The $US56.2 million Allen’s painting fetched made up for 43% of total sales for the night’s auction, which also featured pieces by Andy Warhol and Jean-Michel Basquiat. The night’s $US132 million total was the auction house’s highest tally since November 2010.
According to Bloomberg, many stylish young people were in attendance, including Leonardo DiCaprio and Christie’s contemporary art specialist Loic Gouzer.
Business Insider Emails & Alerts
Site highlights each day to your inbox.