What The $1.6 Billion Paul Allen Auction Means for the Art World

Halfway into the Paul Allen sale at Christie’s on Nov. 9, auctioneer Jussi Pylkkanen brought down his gavel at $21.5 million for a slender, four-foot-tall bronze of a woman by Alberto Giacometti. The moment wouldn’t be particularly noteworthy had it not marked a new milestone in auction history. At that very point, the sale’s running total crossed $1 billion. The keenly anticipated event, which lasted almost three hours, would go on to rake in $1.5 billion (and add another $116 million the following day). The two parts smashed auction records for 24 artists, some of which have been in place… Read Full Article