A Paul Gauguin painting from 1892 has reportedly been sold for close to $300 million, setting a new record for the most expensive work of art.  Rudolf Staechelin, a retired Sotheby’s executive, confirmed the sale with the New York Times, but the Qatari buyer’s identity has not been disclosed, nor has the official price.  “The real question is why only now?” Mr. Staechelin said of the Gauguin sale. “It’s mainly because we got a good offer. The market is very high and who knows what it will be in 10 years.” (more…)

Bloomberg looks into the ambitious effort behind the sale of the Bunny Mellon art collection, which will include a private sale of works through Sotheby’s, among them a pair of Mark Rothko works valued at over $250 million together.  Of particular note is No. 20 (Yellow Expanse), a striking 1953 work.  “Unquestionably, it is the jewel in the crown,” said David Anfam, author of “Mark Rothko: The Works on Canvas,” the artist’s catalogue raisonne,. “Unlike its companion at the Guggenheim in Bilbao, it’s not labored. In terms of its size there is nothing to compare it with since this is the only ‘classic’ Rothko, as opposed to the Seagram and Harvard murals, of such epic dimensions.” (more…)