Works by Johns and de Kooning Sell for $143.5 Million

The New York Times ^ | Oct. 12, 2006 | Carol Vogel

[Republicanprofessor]

Feeding art-world anticipation of one of the biggest auction seasons in history, the entertainment mogul David Geffen has sold in private transactions two postwar paintings by Jasper Johns and Willem de Kooning for a total of $143.5 million.

The buyers, Kenneth C. Griffin and Steven A. Cohen, are among today’s most successful hedge fund billionaires and are both building high-profile art collections.

Mr. Griffin, managing director and chief executive of the Chicago-based Citadel Investment Group, and his wife, Anne, bought “False Start,” a seminal 1959 work by Mr. Johns, for $80 million. Mr. Cohen, the founder and manager of SAC Capital Advisors in Stamford, Conn., purchased de Kooning’s “Police Gazette,” an abstract 1955 landscape, for $63.5 million.

Jasper Johns False Start

de Kooning's Police Gazette

[Republicanprofessor]

Clearly these men are buying for investments. Unfortunately for them, I think they are buying at the top of the market.

[Republicanprofessor]

Art ping.

Let Sam Cree, Woofie, or me know if you want on or off this art ping list.

[Jaysun]

I've never seen such crap in all my life. The love of this kind of "art" is an indication of immorality.

[Walkingfeather]

Well it WAS owned by Geffen. Fashion designer of the Kings new clothes....

[Jaysun]

Well it WAS owned by Geffen. Fashion designer of the Kings new clothes....

For whatever that's worth it should have been mentioned as a Geffen relic, much like those that pay absurd amounts of money for common coffee cups just because they belonged to Elvis (I myself own such a cup).

Even if that were a valid reason for the price, what of the other one?

[GATOR NAVY]

Like they say, there's a sucker born every minute.

[Tribune7]

[IrishCatholic]

While I love your art lessons, I have to say I have both of those paintings on my refrigerator and several more complex ones put away in the hope chest. My artists are presently playing Leggo Star Wars on the game cube. 'Darth Picasso' has a voice changer helmet and a light saber that makes sounds. 'Princess Van Gogh' also enjoys going to Brownies.
I think I will hang on to my paintings for a few years. They might fetch a higher price.

[Enchante]

Such wonderful "art"......

If they will let me create a new masterpiece with their money I will be happy to slice up $143.5 million in bills of various denominations into smaller pieces and paste them all over a large canvas with garish colors etc.

I'll call it "L'Argent Est Merde" and maybe even add some real elephant dung for maximum aesthetic effect.

Then they can have a true $143.5 million masterpiece!!

[Blind Eye Jones]

Art for the insanely rich -- nothing that we can easily comprehend -- they are on the level on nickles and dimes and we are on the level of the molecules that make up their spare change.