(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
Nate Eaton, EastIdahoNews.com
Magdala Louissaint, KPVI