IN 2006, ENTERTAINMENT MOGUL DAVID GEFFEN SOLD THE TWO MOST EXPENSIVE PAINTINGS EVER SOLD IN THE FINE ART MARKET; NO SALE SINCE HAS EVEN COME CLOSE

In 2006, from his private collection, music and movie mogul David Geffen sold the two most expensive paintings ever sold in the fine art market.

Geffen must have known something about the art market (and perhaps the economy), because no sale since 2006 has even come close. In fact, in the last two years, the two closest sale prices for a painting are each a substantial $45 million short of the two Geffen record prices.

The Geffen sales were two of four hugely-important, $100 million plus, sales that took place in 2006.

The most expensive painting of the group, sold by Geffen in a private sale, is Jackson Pollock's "Number 5, 1948" (1948), which sold for $140 million. The next most expensive ever sold, also sold by Geffen in a private sale in 2006, is Willem De Kooning's "Woman III" (1952-53), which sold for $137.5 million.

The third most expensive painting ever sold was also sold in 2006. Again, it was sold from a private collection, in a private sale. The painting is Gustav Klimt's most recognized work "Adele Bloch-bauer I" (1907), which sold for $135 million.

In 2006, the fifth most expensive painting was also sold. The painting, sold at auction by Sotheby's, is Pablo Picasso's "Dora Maar au chat" (1941), which sold for $92.5 million. The fourth most expensive painting ever sold is also a Picasso, which was sold at auction by Sotheby's in 2004.

In 2007, at least three important multi-million dollar sales took place, but each fell considerably short of the 2006 Geffen sales.

Mark Rothko's "White center...yellow"(1959) sold for $72.8 million; Andy Warhol's "Green Car Crash" (1963) sold for $71.1 million; Francis Bacon's "Study for Innocent X" (1962) sold for $52.7 million.

In 2008, little has happened to challenge 2006 record fine art sale prices.

In short, 2006 was the most important year in modern fine art sales history, and David Geffen alone grossed $277.5 million on the sale of just two paintings.

Also of note, Vincent Van Gogh dropped to seventh on the most expensive painting list, for the sale of "Portrait of Dr. Gachet", which sold in 1990 for a then-record price of $82.5 million.

Here is a nice web-page with the entire list, including reproductions of the works, from theartwolf.com (Most Expensive Paintings) and another article from economist.com on the current art market (Art.view | The art market in 2008).