Overvalued

Francis Bacon, "Triptych" (1976)
$86,281,000 (est. in the region of $70 million)
Lot 33, Sotheby’s New York Contemporary Art Sale, May 14

Shortly after it was exhibited in the blockbuster Francis Bacon retrospective at Tate Britain, this Greek myth–infused masterwork was acquired by trophy-hunter Roman Abramovich for upward of $86 million, making it the fourth most expensive painting to sell at auction, behind two Picassos and a Gustav Klimt. But despite its blazing power, "Triptych" is no match to Bacon’s earlier and bone-chilling "Study from Innocent X" (1962), which sold at Sotheby’s New York in May 2007 for a then record $52,680,000. The artist’s new record feels particularly bloated in light of the shocking buy-in in November 2008 at Christie’s New York of the artist’s rare, full-figure "Study for Self-Portrait" (1964), which tanked at a chandelier bid of $27.5 million (est. in the region of $40 million). No doubt, it’s a record that will stand for some time to come.

Courtesy Christie's