There is always money to burn in the art world and people willing to burn it because they have it to burn. But its all investments at the end of the day for the most part and a symbol of financial power. The latest symbol of financial power that was recently purchased is the Francis Bacon portrait of a naked model sprawled on a bed that fetched a little over $126 million.
Bacon’s sexually charged 1963 canvas “Portrait of Henrietta Moraes” fetched $33.3 million, topping the 65-lot Christie’s International (CHRS) sale. The total was the company’s second-highest for a contemporary-art auction in London and was greeted with whoops and applause from Christie’s staff members.source: Bloomberg
