Almost 7-feet-tall, “Mao” is one of 11 made in this height, according to Sotheby’s catalog. This painting fetched $1 million at Sotheby’s in 1996, when it last appeared at auction.
Fontana’s market has been on fire this year, surpassing the 2008 high when his works tallied $95.9 million at auction, according to research company Artprice.com. Last month in London, Sotheby’s and Christie’s sold 21 Fontana pieces for a total of 36.6 million pounds ($56.6 million). The artist’s auction record was established last month at Sotheby’s for a black egg canvas at $24.7 million.
It’s unclear how much Cohen paid for the Warhol and Fontana. Cohen bought “Mao” in a private transaction from Francois Pinault, the billionaire owner of Christie’s, in 2007. At Christie’s in 2006 another “Mao” painting from the same group fetched $17.4 million.
Cohen exemplifies a new breed of collectors who have a passion for art but also aren’t reluctant to switch up their holdings, Good said.
“A lot of people treat their art collections as one asset class and they trade within that asset class,” Good said. “If it’s not working for you anymore, why not turn it into cash and buy more art?”