Steven Cohen's Egg-Shaped Fontana Painting Fetches $29.2 Millionby
Artwork was sold at Christie's contemporary sale in New York
Price sets new auction record for postwar Italian artist
Lucio Fontana’s egg-shaped, yolk-colored painting sold by billionaire money manager Steven A. Cohen fetched $29.2 million at Christie’s in New York on Tuesday.
Fontana’s 1964 “Concetto spaziale, La fine di Dio” was offered at Christie’s postwar and contemporary evening sale, which is continuing. It was estimated at more than $25 million.
The price was a record for the postwar Italian artist. It beat Fontana’s previous high of $24.7 million, set less than a month ago for a black egg from the same series, at Sotheby’s in London.
Cohen, 59, frequently buys and sells art at auctions. The owner of Point72 Asset Management, a family office that manages about $11 billion, is also parting with Andy Warhol’s “Mao” at Sotheby’s on Nov. 11. That piece is estimated at more than $40 million.
Fontana’s market has been on fire this year, surpassing the 2008 high when his works tallied $95.9 million at auction, according to research company Artprice.com. Sotheby’s and Christie’s sold 21 Fontana pieces for a total of 36.6 million pounds ($56.6 million) during their London auctions in October.