(NEW YORK) — You may still be counting pennies while the economy slowly recovers, but some folks are confident enough to spend millions on fine art and diamonds.
A painting by abstract artist Mark Rothko was sold at auction Tuesday at Sotheby’s in New York City for $75.1 million dollars.
Rothko’s “No. 1 (Royal Red and Blue)” from 1954 was sold to a telephone bidder for $67 million — $75.1 million with Sotheby’s fees. Earlier in the evening at the same auction, a Jackson Pollock painting sold for more than $40 million.
Meanwhile, across the pond in Europe, a 76-carat colorless diamond was sold at Christie’s in Geneva Tuesday for more than $21.5 million, including commission.
The price paid for the Archduke Joseph Diamond was more than triple the price paid for it at auction almost two decades ago. Christie’s says the sale set a record price per carat for a colorless diamond.
The diamond came from a mine in India and was named after Archduke Joseph August of Austria. The buyer wished to remain anonymous.
Copyright 2012 ABC News Radio
Kathryn Vasel, CNN
Jeff Peterson, Deseret News
Parija Kavilanz, CNN