Freakonomics Radio 484. “A Fascinating, Sexy, Intellectually Compelling, Unregulated Global Market.”
Dec 2, 2021
David Zwirner, one of the world's leading art dealers, shares insights into the opaque world of the art market. He discusses the dramatic $2.5 million sale of Alice Neel's painting and her evolution from obscurity to fame. Zwirner highlights the complexities artists face, especially those overshadowed by dominant movements. He also delves into the paradoxes of art valuation and the need for greater transparency, contrasting high-value sales with the struggles of lesser-known creators, shedding light on the interplay between public institutions and private ownership.
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Alice Neel's Posthumous Success
- Alice Neel's painting, Dr. Finger's Waiting Room, sold for $2.5 million at Christie's.
- This was a record for Neel, an artist who'd struggled financially and died in relative obscurity.
Neel's Struggles
- Alice Neel's career was hampered by two factors.
- These were her focus on figurative painting during the rise of abstract expressionism and her communist affiliation during the Cold War.
Neel's Early Auction Failure
- Five years after Alice Neel's death, one of her paintings failed to sell at auction.
- Christie's had estimated it would sell for $7,000–$10,000, but there were no takers.
