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Mystery buyer of record-breaking 'scream' unknown, for now - China Egg Shaped Speakers by he ni





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Mystery buyer of record-breaking 'scream' unknown, for now - China Egg Shaped Speakers by
Article Posted: 06/15/2012
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Articles Written: 1145
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Mystery buyer of record-breaking 'scream' unknown, for now - China Egg Shaped Speakers


 
Business,Business News,Business Opportunities
New York - Two days after the US$120 million (S$149 million) saleof Edvard Munch's "The Scream" set a new record for the mostexpensive work ever sold at auction the identify of its anonymousbuyer remains unknown, but perhaps not for long. Speculation about who purchased the pricey painting has ranged fromRussian tycoons, Asian collectors and American billionaires tomuseums and internet entrepreneurs. But the lips of those in the know at Sotheby's, where the paintingwas sold on Wednesday, are sealed. For now at least, although some dealers were heard saying the buyerwould come forward before long. "There's a distinction between disclosing identity at the point ofpurchase, and disclosing identity later on - either by displayingit in the home for friends, or through lending to a publicinstitution," said Marc Porter, president and chairman ofChristie's Americas.

"So it could be a case of, watch this space. We very well may learnthe buyer in the next six months," he added. Seven or eight bidders joined the frenzy on Wednesday evening inthe packed salesroom in New York when bidding started at US$40million, then slowed markedly past US$50 million. It came down to two bidders competing via telephones handled bySotheby's executives. Charles Moffett, Sotheby's vice chairman forImpressionist, Modern and Contemporary art, prevailed at US$107million, or US$119.9 million including commission.

The determined buyer has very deep pockets. Moffett's hand went upalmost immediately each time his competitor raised the ante - asign that he was authorised keep going even further. David Norman, Sotheby's co-chair of Impressionist and Modern art,said last week that for collecting at this level "about 10candidates would be in a position to buy it," or possibly as manyas 15. Speculation about the identity of the buyer has focused on theusual roster of top collectors including Russian-born mogul LeonardBlavatnik, Russian billionaire tycoon Roman Abramovich or Microsoftco-founder Paul Allen. Ronald Lauder, who paid US$135 million for Gustav's Klimt's "AdeleBloch-Bauer I" a few years ago, and Qatar's royal family, whoreportedly spent US$250 million on Cezanne's "The Card Player" lastyear in a complicated private transaction, have both been mentionedand just as often dismissed.

Even museums, not normally in a position for such a purchase, arebeing floated as possible buyers, notably the Museum of Modern Art,which Moffett reportedly mentioned as a potential consortium buyer.Although the painting may eventually be exhibited in a museum, eventhat might not solve the mystery. Picasso's "Green leaves, nude and bust," which for two years wasthe world's top-priced work at auction after Christie's sold it forUS$106.5 million, is currently on display at London's Tate Modern -where its owner is still not identified.

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