Christie's Is About to Auction This Nude Painting by Modigliani for $100M
Recent worries over a global recession aren't bleeding into the art world.
Just ask auction house Christie's, which is about to sell a 100-year old nude painting from legendary artist Amedeo Modigliani for $100 million.
That price tag shatters the existing record for a Modigliani -- about $71 million -- reached last year at rival auction house Sotheby's (BID) - Get Report .
"I think Modigliani's 'Nu couche' that we're offering at Christie's this season is the finest Modigliani still in private hands," said Conor Jordan, deputy chairman, impressionist and modern art at Christie's. "It was painted towards the end of his tragically short career." Modigliani died at just 35 years old.
But at a time when some of the world biggest economies like China, Japan and even the U.S. seem to be slowing, who's paying nine figures for a painting?
"Demand still exists in Asia, in the Middle East and in our more traditional markets of Western Europe and North America," Jordan added.
If $100 million is a bit out of your budget, look no further than some of the other lots at Christie's Artist's Muse auction, which will be held on Nov. 9.
Looking for something more "affordable?" The auction features an $80 million piece from Roy Lichtenstein and a $25 million Picasso, among other eight-figure masterpieces.
Christie's expects the auction to bring in roughly a half billion dollars. While it may not be Christie's biggest auction ever, it's of particular importance amid competition from Sotheby's, which is holding an auction of similar size just a few days before.
"It's a great opportunity for us to think outside of the box and innovate how we're doing auctions," said Jessica Fertig, vice president, impressionist and modern art at Christie's. "We're really getting inside of these artists. What inspired them? What drove them to paint a painting -- to sculpt something?"
The sellers of some of the most expensive pieces in this auction, including the Modigliani, are anonymous.
TheStreet's Scott Gamm reports from New York.