It took Christie’s two minutes to sell “Flag” by Jasper Johns yesterday, fetching a new Johns auction record of $28.6 million. “Flag” was part of the late writer Michael Crichton’s personal collection. He purchased the work in 1973 and hung it in his Beverly Hills home bedroom.
Crichton happened to be between divorce and re-marriage then, making for some patriotic bachelor romps. But patriotism probably isn’t the motivation for the high sale. Art dealer Richard Feign thinks it’s just smart investing. An artwork is a “safe place to park $30 million more or less” to “hedge against currency fluctuation.” Invest in your future: stock up on over-hyped fine art now! |AP|