<img class="gwt-Image" src="/photo/47244700.cms" />A Picasso masterpiece fetched more than $179 million in <keyword id="6355838" type="COMPANY" weightage="80" keywordseo="New-York">New York</keyword> on Monday, smashing the world record for the most expensive art sold at auction in what was dubbed the "sale of the century."<br />
<br /> The oil painting, "The <keyword id="624" type="ORGANIZATION" weightage="80" keywordseo="Women">Women</keyword> of <keyword id="147983" type="CITY" weightage="80" keywordseo="ALGIERS">Algiers</keyword> (Version 0)," sold for $179,365,000 after more than 11 minutes of furious bidding from telephone buyers at a packed auction room at <keyword id="56712" type="COMPANY" weightage="80" keywordseo="Christies">Christie's</keyword>. <br />
<br />
Applause erupted when the sale was finalized in an atmosphere of feverish excitement, accompanied by laughter and jokes, fetching way over its pre-sale estimate of $140 million.<br />
<br /> The previous world record for a painting sold at auction was $142.4 million, set for British <keyword id="6448302" type="POSITION" weightage="80" keywordseo="Painter">painter</keyword> <keyword id="367925" type="PERSON" weightage="80" keywordseo="Francis-Bacon">Francis Bacon</keyword>'s "Three Studies of <keyword id="194194" type="PERSON" weightage="80" keywordseo="Lucian-Freud">Lucian Freud</keyword>," which was sold by Christie's in New York in 2013. <br />
<br /> The 1955 painting by <keyword id="105893" type="PERSON" weightage="80" keywordseo="Pablo-Picasso">Pablo Picasso</keyword> is one of the last major paintings by the Spanish master still in private hands. He painted several versions until he settled on the nearly four-by-five-foot (121-by-152-centimeter) canvas.<br />
<br /> A rival highlight of the evening sale is a bronze statue by <keyword id="105892" type="PERSON" weightage="80" keywordseo="Alberto-Giacometti">Alberto Giacometti</keyword> called "Man Pointing," estimated to be worth $130 million, which has also been tipped as a potential record breaker. <br />
<br />
"Those two works can set a world record," Loic Gouzer, senior vice president of Christie's, said ahead of Monday's auction. <br />
<br /> "You don't have another chance to get them." Swiss sculptor Giacometti already holds <keyword id="818966" type="UNKNOWN" weightage="80" keywordseo="the-record">the record</keyword> for the most expensive sculpture sold at auction with his "Walking Man I" fetching $104.3 million in London in 2010.<br />
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Christie's is offering a total of 35 lots spanning more than a century from 1902 to 2011, and expected to score in excess of $500 million at its swanky New York premises at Rockefeller Plaza.<br />
<br />
Other highlights are Picasso's "Buste de femme" oil painting, valued at $55 million, a painting from Claude Monet's "The House of Parliament" series, valued at $35 to $45 million, and Mark Rothko's 1958 "No 36, Black Stripe," with an estimated value of $30-$50 million.<br />
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Exponential growth in the art market, particularly for modern and contemporary works, is attributed to a growing number of private investors around the world and burgeoning interest in Asia and the Gulf.<br />
<br /> The proceeds from public art auctions rose 26 percent from $12.05 billion in 2013 to $15.2 billion in 2014, and grew 422 percent between 2000 and 2014, according to <keyword id="913814" type="UNKNOWN" weightage="80" keywordseo="Artprice">Artprice</keyword>, a leader in art market information.<br />
<br /> Artprice CEO <keyword id="2743769" type="UNKNOWN" weightage="80" keywordseo="Thierry-Ehrmann">Thierry Ehrmann</keyword> told AFP that interest would be particularly strong for the Giacometti statue, which it believed could go as high as $175 to $200 million and eclipse the Picasso.<br />
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"This will be the sale of the century," said Ehrmann. "It's a tipping point in the history of art."<br />
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There are only six casts in the world of "Man Pointing," which shows a wiry, nearly six-foot (1.8-meter) man holding up one hand and pointing with the other.<br />
<br /> New York's spring auction season began last week at <keyword id="165441" type="UNKNOWN" weightage="80" keywordseo="Sothebys">Sotheby's</keyword>, which sold a Vincent <keyword id="89453" type="PERSON" weightage="80" keywordseo="Van-Gogh">van Gogh</keyword> painting for more than $66 million, the most paid for a work by the Dutch post-impressionist since 1998.<br />
<br /> Van Gogh's "Les Alyscamps," which depicts a stand of autumnal trees, had been expected to go for around $40 million but was finally snapped up by an Asian <keyword id="6371177" type="POSITION" weightage="80" keywordseo="Collector">collector</keyword> after an intense bidding war.<br />
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The sales continue on Tuesday, Wednesday and Thursday. Artprice says the art market offers yields of 10 to 15 percent per year for works valued at over $100,000.<br />
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But even if auction records are broken Monday, the Picasso and Giacometti are unlikely to eclipse the $300 million reportedly paid privately by Qatar for Paul Gauguin's 1892 painting "When Will You Marry?" in February.<br />


This painting's the most expensive art sold ever, for a whopping $179 million

<ul class="summary-list"><li><keyword id="12690587" type="UNKNOWN" weightage="60" keywordseo="russian-oligarchs" source="Orion">Russian oligarchs</keyword> have deep roots in the art industry as high-value collectors and patrons. </li><li>Auction houses, museums, and artists are cutting ties with the billionaires in response to sanctions.</li></ul><p>In London, the world's top auction houses <a href="https://www.businessinsider.com/top-art-auction-houses-shuttering-sales-of-russian-art-london-2022-3">canceled</a> "Russian Art Week," the go-to art fair for wealthy Russian buyers. </p><p>In New York, Russian billionaire Vladimir Potanin <a href="https://www.nytimes.com/2022/03/02/arts/design/vladimir-potanin-russian-oligarch-guggenheim.html">resigned</a> from the Guggenheim Museum's board of trustees.</p><p>In Moscow, artists are <a href="https://www.vanityfair.com/culture/2022/03/russias-red-hot-temple-of-contemporary-art-losing-major-exhibitions">canceling their exhibits</a> in Garage, the museum founded by Dasha Zhukova, a socialite art collector and ex-wife of sanctioned oligarch Roman Abramovich.</p><p>As the world looks to retaliate against sanctioned Russian <keyword id="13281691" type="UNKNOWN" weightage="60" keywordseo="oligarchs" source="Orion">oligarchs</keyword> and their <a href="https://www.businessinsider.com/biden-us-seize-yachts-apartments-russian-oligarchs-putin-2022-3">"ill-begotten gains,"</a> the notoriously opaque art industry is attempting to cut off decades-long relationships with the foreign tycoons.</p><p>But while personal assets like yachts, mansions, and jets are seized in the wake of the <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> invasion, experts told Insider the $50 billion art industry faces "gaping holes" when it comes to the question of ownership. </p><h2>Russian oligarchs have spent millions on artwork purchased through US and UK auction houses and galleries</h2><div type="image" title="Roman Abramovich and Dasha Zhukova attend the Preview of the Spring Exhibition Season at Garage Museum of Contemporary Art on March 9, 2017 in Moscow, Russia." height="2582" width="3442" msid="90763609" hostid="261"></div><p>Mikhail Fridman, who is sanctioned by the EU and UK, bought Andy Warhol's 1962 "Four Marilyns" for <a href="https://www.nytimes.com/2015/11/06/arts/design/four-marilyns-is-back-on-the-auction-block.html">$38.2 million at Phillips in 2013</a>. The next year, he flipped it to a Turkish banker for $44 million. </p><p>Roman Abramovich — who is also on the EU and UK sanctions lists — has <a href="https://www.artnews.com/art-collectors/top-200-profiles/roman-abramovich/">reportedly purchased works</a> including Lucian Freud's "Benefits Supervisor Sleeping" for $33.6 million at Christie's and a Francis Bacon triptych for $86.3 million at Sotheby's. </p><p>Both Fridman and Abramovich purchased their art through the Gagosian gallery in New York, whose founder has been called the "the official art dealer to the Russian oligarchy," according to the <a href="https://nypost.com/2022/03/11/larry-gagosian-courted-russian-oligarchs-to-build-art-empire/">New York Post</a>. When asked if Gagosian's client relationships will change in light of recent sanctions, the gallery said it has "established effective internal controls and undertakes due diligence measures to fully comply with all relevant laws."</p><p>In late February, the US, Canada, and leading Western European countries <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/26/joint-statement-on-further-restrictive-economic-measures/">announced a task force</a> to identify and freeze assets held by Russian power elites in other jurisdictions.</p><p>But in order to freeze an asset, you need to prove who it belongs to — a multimillion-dollar question in the art world, where anonymous and concealed purchases are commonplace.</p><h2>The high-value art market is particularly vulnerable to illicit trade</h2><div type="image" title="Dmitry Rybolovlev poses in Paris on September 24, 2015 in front of two allegedly stolen paintings by Pablo Picasso, &quot;Espagnole a l'Eventail&quot; (L) and &quot;Femme se Coiffant&quot;, which he purchased from a Swiss art dealer." height="3456" width="5184" msid="90763610" hostid="261"></div><p>The global art market is "one of the least transparent parts of the financial system," Dr. Louise Shelley, director of the Terrorism, Transnational Crime and Corruption Center at George Mason University, told Insider.</p><p>In 2020, a bipartisan Senate investigation <a href="https://www.hsgac.senate.gov/subcommittees/investigations/media/portman-carper-bipartisan-report-reveals-how-russian-oligarchs-use-secretive-art-industry-to-evade-us-sanctions">found</a> that art intermediaries bought more than $18 million in high-value art in the US through shell companies linked to Russian oligarchs after the US sanctioned them in March 2014.</p><p>And just two weeks ago, the US Treasury's <a href="https://www.fincen.gov/sites/default/files/2022-03/FinCEN%20Alert%20Russian%20Elites%20High%20Value%20Assets_508%20FINAL.pdf">Financial Crimes Enforcement Network sent out an alert</a> flagging the high-value art market as "attractive for money laundering by illicit actors, including sanctioned Russian elites."</p><p>The art world's structure is particularly susceptible to this practice of "washing" illegally obtained money so that it appears to come from legitimate sources.</p><p>For starters, it's often tough to identify the actual buyer, says Dr. Moyara Ruehsen, director of the Financial Crime Management Program at the Middlebury Institute of <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international" source="Orion">International</keyword> Studies at Monterey.</p><p>"No one is going to purchase anything under their real name. Even somebody who has nothing to hide, it's either getting purchased by a trust or a shell company," Ruehsen told Insider. "Auction houses and art galleries rarely ever meet the person who is selling the artwork or the person who is buying the artwork."</p><p>Secondly, most art is easier to transport and hide than other assets, like yachts and private jets, many of which have been seized from Russian oligarchs in recent weeks.</p><p>High-end pieces are often stored in free economic zones or large warehouses called freeports, where goods are subject to little or no duties and taxes. Artwork can be bought and sold without ever leaving freeports, allowing it to remain inconspicuous as governments search the assets of sanctioned individuals. Sanctioned elites also can try to shield art from seizure by transferring ownership on paper to a close trusted associate who hasn't been sanctioned.</p><p>Artwork also has the added appeal of having a more subjective market price, allowing private owners to inflate prices by millions of dollars to boost profits.</p><p>"It's really hard to argue over what the true value of the product that we are trading really is," Ruehsen said. "With other commodities, it's harder to do that."</p><h2>How auction houses are dealing with the problem</h2><div type="image" title="A man walks past &quot;Untitled&quot; by Willem De Kooning during a preview of Sotheby's impressionist and modern art evening sale in New York, May 2, 2014. REUTERS/Eduardo Munoz " height="533" width="711" msid="90763612" hostid="261"></div><p>For their part, auction houses say they're prepared to weed out sanctioned individuals from their client lists.</p><p>Sotheby's told Insider that it "conducts business in strict compliance with all applicable laws and regulations, including sanctions" and is "will comply with any regulations put in place."</p><p>Christie's said it has "immediately taken actions through our strict client identification and screening processes in place as part of our global anti-money laundering and sanctions compliance programmes."</p><p>"We are not permitting individuals or companies who are designated on applicable sanctions lists to transact with us," the company said. "<u></u><u></u><u></u>Politically exposed persons, and those with a connection to a sanctioned or other high risk jurisdictions, are also subject to enhanced due diligence."</p><p>A Phillips spokesperson told Insider the company has "measures in place to ensure that no individual or institution targeted by sanctions are able to do business directly or indirectly through our salerooms." Phillips is owned by Russian luxury goods company Mercury Group.</p><p>Paul Minshull, the COO and CTO at Heritage Auctions, said the company has had anti-money laundering policies in place for several years, which includes a daily check of sanctions lists. </p><p>But the galleries only have so much insight themselves.</p><p>"Our major problem generally is that we're not focusing on open records of beneficial ownership," Shelley said, referencing US property right laws. "That's a problem in the real estate market, it's a problem in the art market. It's a problem in our financial system across the board."</p>

The art world is blacklisting Russian oligarchs amid fears that the billionaires will take advantage of the industry's lack of regulation to evade sanctions

<p><div class="KonaFilter image-container float_right"><div class="image"><img src="http://static5.businessinsider.com/image/52d7dd7cecad043a269c151f-1122-841/elaine-wynn.jpg?maxX=480" border="0" alt="Elaine Wynn" width="480" /><p class="source"><span>AP</span></p><p class="caption">Elaine Wynn</p></div><p></p></div>The mysterious buyer of a record-setting Francis Bacon painting has been revealed - Elaine Wynn, billionaire co-founder of the Wynn Casino Empire and Stephen Wynn's ex-wife, <a href="http://www.nytimes.com/2014/01/16/arts/design/buyer-of-142-4-million-bacon-painting-identified-as-elaine-wynn.html?hpw&amp;rref=arts&amp;_r=0">spent $142.4 million on the work of art</a> in a Christie's auction in November.</p>
<p>The buy set a record for a work of art sold at auction, the Wall Street Journal <a href="http://online.wsj.com/news/articles/SB10001424052702303465004579323304160889242">reports</a>. Wynn put the piece on temporary exhibit at the Portland Art Museum, but her long-term plans for the painting are unclear. It will be on display in Portland until March 30.</p>
<p>"Three Studies of Lucian Freud" depicts Sigmund Freud's grandson, a fellow painter and friend of Bacon's.</p>
<p>Bacon is known for his figurative portraits of men. He died in 1992.</p>
<p>Wynn's estimated net worth is $1.9 billion, <a href="http://www.nytimes.com/2014/01/16/arts/design/buyer-of-142-4-million-bacon-painting-identified-as-elaine-wynn.html?hpw&amp;rref=arts&amp;_r=0">according to</a> the New York Times. She's director of Wynn Resorts and sits on the board of Wynn Las Vegas.</p>
<p>Here's the painting:</p>
<p><div class="KonaFilter image-container"><div class="image"><img src="http://static1.businessinsider.com/image/52d7da94eab8eac5169c1520-1200-480/ap572333136734.jpg" border="0" alt="Francis Bacon painting" width="800" /><p class="source"><span>AP</span></p></div><p></p></div></p>

Casino Billionaire Elaine Wynn Bought The Most Expensive Painting Ever Sold At Auction

<p><div class="KonaFilter image-container"><div class="image on-image"><img src="http://static5.businessinsider.com/image/52824d44ecad0454689f9e8d-874-368/screen%20shot%202013-11-12%20at%2010.44.27%20am.png?maxX=800" border="0" alt="bacon" width="800" /><p class="source">Christie's</p></div><p></p></div></p>
<p>Last night, an unknown buyer paid $142 million for Irish-born British painter Francis Bacon's "Three Studies of Lucian Freud."</p>
<p>With a "hammer price" $127 million plus a $15 million, it's a nominal record for a work bought at auction. </p>
<p><span style="line-height: 1.5em;">Bacon is regarded by many as the greatest pure painter of the second half of the 20th century.</span></p>
<p><span style="line-height: 1.5em;">Still, given the debate over rising inequality in the U.S. and elsewhere, paying $142 million for a work of <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> may seem ... extreme.</span></p>
<p>And that's probably true.</p>
<p>However, the mechanics of the art world suggest the amount is <span style="line-height: 1.5em;">justifiable.</span></p>
<p><span style="line-height: 1.5em;">First, the buyer is actually getting three paintings for the price of one. Plus, for a decade after their initial 1970 exhibition the works were displayed separately, apparently to Bacon's great frustration, <a href="http://online.wsj.com/news/articles/SB10001424052702303309504579184044094188348?tesla=y">according to the Wall Street Journal's Kelly Crow</a>. Today the piece is one of two complete triptychs Bacon made of Freud, another world famous artist (and grandson of Sigmund Freud) who was heavily influenced by Bacon. <span>And it apparently took a lot of effort to get all three canvases in one place. So a premium has been placed on reuniting the works. </span></span></p>
<p><span style="line-height: 1.5em;">Meanwhile, <a href="http://www.nytimes.com/2008/05/15/arts/design/15auction.html">the previous record</a> for a contemporary work sold at auction was also a Bacon: in 2008 (an ominous year, to be sure), Roman Abramovich paid $86.3 million - $94 million in real dollars - for a triptych (simply titled "Triptych") of more recent vintage (1976). Works often decline in value the later they came in an artist's career.</span></p>
<p>Value is also frequently increased by scale, and each of the canvases in "Freud" are 6 ft tall. The brightness of a painting can also drive up its value, and the top half of "Freud" glows with orange and yellow.</p>
<p>Finally, the Christie's team juiced the sale of the work by moving it up in the auction lot at the last minute, sensing strong demand. The opening price was set at $80 million and the first bid came in at $100 million. <a href="http://www.artmarketmonitor.com/2011/05/31/what-determines-an-artists-value-market-support/">Art Market Monitor's Howard Rehs</a><span style="line-height: 1.5em;"> has discussed the pricing momentum the right work can generate through 1% groupthink:</span></p>
<p style="padding-left: 30px;"><span>"What really makes an artist's market viable is the amount of support it has, or: how many players are in the game?  In addition, how many of those players will always be there to make sure the price levels stay up?  The more support, the more stable a market becomes. ... <span><strong>When you have tens of millions, or even hundreds of millions, invested in an artist's work you do not want to see values go down</strong>.</span></span></p>
<p><span style="line-height: 1.5em;">The world </span><a href="http://www.wealthx.com/articles/2013/first-global-census-shows-record-of-2170-billionaires-worldwide/">set a record this year</a><span style="line-height: 1.5em;"> for total number of billionaires. </span><span style="line-height: 1.5em;">Among the very rich, at least, this appears to be a sign the earnings accumulated in the last few years are not going anywhere. </span></p>

Here's Why Someone Just Paid $142 Million For A Painting

<p><div class="KonaFilter image-container"><div class="image on-image"><img src="http://static6.businessinsider.com/image/52839af16bb3f7a4621e03c9-1200-800/20131112c_pwc_postsale_fa_panel_v2.jpg?maxX=800" border="0" alt="christie's bacon sale" width="800" /><p class="source"><keyword id="56712" type="COMPANY" weightage="60" keywordseo="Christies">Christie's</keyword></p></div><p></p></div>It took all of six minutes for <span style="line-height: 1.5em;">Francis Bacon's triptych "Three Studies of Lucian Freud" <a href="http://www.businessinsider.com/three-studies-of-lucian-freud-sells-for-1424-million-dollars-2013-11">to fetch a record-setting $142.4 million when it came under the hammer last night</a> at <a href="http://www.christies.com/">Christie's</a> in New York. </span></p>
<p><span style="line-height: 1.5em;">That makes it the most expensive work of <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> ever sold at <keyword id="1639" type="ORGANIZATION" weightage="60" keywordseo="Auction">auction</keyword>. It was also<span> the first time these three paintings were on the auction market after they were owned separately for 15 years. </span></span></p>
<p><span style="line-height: 1.5em;"><span>We were in the room last night when the painting sold, and while a buzz ran through the packed crowd at the auction house's Rockefeller Plaza, it was restrained to a proper golf-clap level.</span></span></p>
<p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="http://static2.businessinsider.com/image/52839cc1ecad0409726a458a-332-249/auction.png" border="0" alt="Auction" /><p class="source">Christie's</p></div><p></p></div></div></p>
<p><span style="line-height: 1.5em;"><span></span></span><span style="line-height: 1.5em;">They politely applauded twice more during the session, a sign they were impressed by the sales of both Jeff Koons' "Balloon Dog (Orange)," which won a hammer price of $52 million ($58.4 million total), and Andy Warhol's "Diamond Dust Shoes," which took a winning bid of $4.25 million ($4.93 million total) after a particularly harried b</span><span style="line-height: 1.5em;">ack-and-forth session between over-the-phone bidders. </span><span style="line-height: 1.5em;"> </span></p>
<p><span style="line-height: 1.5em;"><span>The winning bid for Bacon's three gold-framed paintings of his friend and rival figurative painter Lucian Freud hit $127 million, but the total price climbed to $142.4 million with the buyer's premium (at Christie's, that's 12% of the hammer price for pieces over $50,000.)</span></span></p>
<p>Seven bidders fought for the piece both in person and over the phone in a frenzied six-minute bidding war for the triptych, the only piece of art physically in the room during the evening sale. The winning bid came over the phone, and the buyer remains anonymous.</p>
<p><span style="line-height: 1.5em;"><span>"A million dollars is a lot of money," the British auctioneer intoned when bidding for the Bacon momentarily stalled. </span></span><span style="line-height: 1.5em;">The auctioneer spoke clearly and calmly while keeping up the pace in the room. Two men stood behind him and spotters stood among the hundreds in the sale room to point out bidders who might have gotten lost in the swell.</span></p>
<p><span style="line-height: 1.5em;"><span><div class="KonaFilter image-container float_right" style="width:400px"><div class="image on-image"><img src="http://static4.businessinsider.com/image/52839b6469beddd001a79341-450-456/animated-pic-1a.jpg" border="0" alt="animated pic 1a" width="400" /><p class="source">Christie's</p><p class="caption">Jeff Koons' "Balloon Dog (Orange)" sold for $58.4 million</p></div><p></p></div>Still, he largely bandied about with his team of roughly 30 Christie's staffers who stood covering their mouths around telephones, working with off-site bidders. </span></span></p>
<p>"Beautiful thing, beautiful thing," the auctioneer crooned to encourage more bidding. Other times, he'd cut the tension with "Yes, I see you bidding. Two-eight (as in $2.8 million) is your bid. Does your client know that?" Then he'd crack a wry smile.</p>
<p><span style="line-height: 1.5em;">"Three Studies" sold in one of the longer bidding wars of the evening, which saw nearly all 73 lots, or works of art for sale, make their minimums. Only a couple lots were passed, which means the work couldn't be sold because bidding hadn't reached the seller's minimum price, and four were withdrawn.</span></p>
<p><span style="line-height: 1.5em;">Bidding ended before 9:30 p.m. after starting late (even later than the announced 15-minute delay) to give bidders time to adjust to the change of the Bacon triptych from Lot 32 to Lot 8a. Instead of having to wait until the middle of the evening for the most-hyped piece, bidders had at the painting within 20 minutes of starting the sale.  </span></p>
<p><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">It was a blockbuster evening for Christie's: Sales totaled $691.6 million in one night, the highest auction total in art market history.  </span></p>
<p><span style="line-height: 1.5em;"></span><span style="color: #222222; line-height: 1.5em;">The big week for auctions continues tonight. Next on the block at Sotheby's is a piece from Andy Warhol's famed Disaster series: "Silver Car Crash (Double Disaster)." Warhols routinely sell for millions, and since they're silk screened they're often not particularly rare pieces. But because "Silver Car Crash" is </span><span style="color: #222222; line-height: 1.5em;">the last privately owned car crash work in a set of four, </span><a href="http://www.sothebys.com/en/news-video/blogs/all-blogs/contemporary/2013/10/rare-warhol-disaster-painting.html">Sotheby's says</a><span style="color: #222222; line-height: 1.5em;"> it could fetch upward of $60 million at tonight's evening sale in New York. </span></p>

Here's What It Was Like To Watch Bidders Battle For A Painting That Sold For $142 Million

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5641584abd86eff45b8bd805-1102-712/screen shot 2015-11-09 at 9.35.12 pm.png" alt="modigliani nu couché reclining nude" data-mce-source="Christie's" data-mce-caption="Amedeo Modigliani's &amp;quotNu Couché,&quot; painted 1917 to 1918." data-link="http://www.christies.com/presscenter/pdf/2015/RELEASE_MODIGLIANI_NU_COUCHE.pdf" /><p class="source"><span><a href="http://www.christies.com/presscenter/pdf/2015/RELEASE_MODIGLIANI_NU_COUCHE.pdf">Christie's</a></span></p><p class="caption">Amedeo Modigliani's "Nu Couché," painted 1917 to 1918.</p></div><p></p></div></div>A painting by Italian artist <span>Amedeo Modigliani sold for <span>$170,405,000 at a Christie's auction Monday night. </span></span></p><p><span><span>The painting, entitled "Nu <span>Couché," depicts a naked women reclining. </span></span></span></p><p>The only painting to sell for more at auction than "Nu Couché" is Picasso's "Les femmes d'Alger (Version 'O')" which took the record in May when it sold for $179.4 million, also at Christie's.</p><p>The painting's sale took 9 minutes and the winning bid came via telephone, well over the guaranteed price of $100 million, <a href="http://www.nytimes.com/2015/11/10/arts/with-170-4-million-sale-at-auction-modigliani-work-joins-rarefied-nine-figure-club.html">according to The New York Times</a>.</p><p>The 1917-1918 canvas caused scandal in the early 20th-century art world for its bold depiction of a naked woman. </p><p>In the <a href="http://www.christies.com/lotfinder/paintings/amedeo-modigliani-nu-couche-5946114-details.aspx?from=salesummary&amp;intObjectID=5946114&amp;sid=b38a182c-a2bf-4e0f-92f6-46d6cfdbf6e9">painting's notes</a>, Christie's presented a "limited" bibliography of 71 published works featuring "Nu Couché."</p><p>The Times reports that the next highest price paid for a Modigliani is the $70.7 million paid for his sculpture, "Tête," a year ago. Another Modigliani, <a href="http://www.sothebys.com/en/auctions/ecatalogue/2015/masterworks-collection-a-alfred-taubman-n09430/lot.12.html">"Paulette Jourdain,"</a> sold for $42,810,000 last week at Sotheby's during the sale of works from the <a href="http://www.businessinsider.com/ap-sothebys-exhibits-huge-taubman-collection-prior-to-sales-2015-10">collection of A. Alfred Taubman</a>. The "Masterworks" auction from the Taubman collection brought in a total of $377,034,000.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/56415890bd86eff45b8bd806-452-451/screen shot 2015-11-09 at 9.37.31 pm.png" alt="roy lichtenstein nurse" data-mce-source="Christie's" data-mce-caption="Roy Lichtenstein's &amp;quotNurse.&quot;" data-link="http://www.christies.com/features/Roy-Lichtensteins-Nurse-6636-1.aspx" /><p class="source"><span><a href="http://www.christies.com/features/Roy-Lichtensteins-Nurse-6636-1.aspx">Christie's</a></span></p><p class="caption">Roy Lichtenstein's "Nurse."</p></div><p></p></div></div>Roy Lichtenstein's "Nurse," not seen on the market for 20 years, sold for $95,365,000 at the same Monday night auction as "Nu Couché."</p><p>Another three Lichtensteins were on sale, <a href="http://www.christies.com/lotfinder/salebrowse.aspx?entry=lichtenstein&amp;intsaleid=25343&amp;lotviewtype=listview">two of which sold</a>. His work, generally pop art canvases which adapt comic book style, had previously sold for up to $56 million.</p><p>The next highest selling work at the auction was <a href="http://www.christies.com/lotfinder/sculptures-statues-figures/paul-gauguin-therese-5946111-details.aspx?from=salesummary&amp;intObjectID=5946111&amp;sid=6d90df3b-2b8d-497d-94a3-9044372dad15">Paul Gauguin's "Therese,"</a> a 26-inch sculpture which brought $30,965,000.</p><p>Christie's is expecting to sell at least $1 billion of art over the this week, according to The Associated Press, and it is nearly halfway there. The 34 lots on auction Monday night, including the buyer's premium, brought in <a href="http://www.christies.com/Results/PrintAuctionResults.aspx?action=refine&amp;saleid=25343">over $491.3 million</a>, though only 24 of the lots sold.</p><p>"There is clearly good appetite among collectors for exceptional works of art offered with appropriate estimates," Brook Hazelton, president of the Americas for Christie's, told The Associated Press. "This is a very broad and globally diverse market at the moment, with strong interest in paintings, sculpture and works on paper from the $10,000 level straight up to multimillion-dollar masterpieces at the top end."</p><p>A nude by Lucian Freud, which Christie's estimated would sell for $20 to $30 million, held the highest estimate of the non-selling lots. Ana Maria Celis, a specialist in post-war and contemporary art for Christie's, was quoted in The Times calling the work "almost contemplative" compared to the centerpiece "Nu Couché."</p><p>(AP reporting by Ula Ilnytzky?)</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/oil-company-chairman-kidnapped-in-taiwan-2015-10">The chairman of an oil company was allegedly kidnapped while walking down the street in Taiwan</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZyNmxneDqDAxd8_3xD3He3tcXgBC9G_9" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'ZyNmxneDqDAxd8_3xD3He3tcXgBC9G_9',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

A nude painting by Modigliani sold for $170 million - the 2nd-highest price ever for a painting at auction

<p><span style="line-height: 1.5em;"><div class="image-container float_right"><div class="image"><img src="http://static5.businessinsider.com/image/5298a3f96da8115a602887c1-1200-900/lucien-freud-bacon-1.jpg?maxX=480" border="0" alt="lucien freud bacon" width="480" /><p class="source">REUTERS/Shannon Stapleton</p></div></div>Earlier this month, <a href="http://www.businessinsider.com/three-studies-of-lucian-freud-sells-for-1424-million-dollars-2013-11">someone paid a record $142 million at auction</a> for a triptych portrait by Francis Bacon of fellow artist Lucian Freud. </span></p>
<p><span style="line-height: 1.5em;">We <a href="http://www.businessinsider.com/heres-why-someone-just-paid-142-million-for-a-work-of-art-2013-11">offered up an explanation</a> of how that painting in particular ended up as the new global benchmark. </span></p>
<p><span style="line-height: 1.5em;">There may be an even simpler explanation: We are now in an era where someone will drop a hundred-million-plus for a painting in general, without much hesitation. </span></p>
<p><a href="http://www.newyorker.com/reporting/2013/12/02/131202fa_fact_paumgarten?currentPage=all">In his profile for this week's New Yorker</a> of the world's second-most successful <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> dealer, a relatively level-headed sounding German named David Zwirner, Nick Paumgarten beautifully articulates what the art world in 2013 in general is all about:</p>
<p style="padding-left: 30px;"><span>The accumulation of greater wealth in the hands of a smaller percentage of the world's population has created immense fortunes with a limitless capacity to pursue a limited supply of art work. The globalization of the art market-the interest in contemporary art among newly wealthy Asians, Latin Americans, Arabs, and Russians-has furnished it with scores of new buyers, and perhaps fresh supplies of greater fools. Once you have hundreds of millions of dollars, it's hard to know where to put it all. Art is transportable, unregulated, glamorous, arcane, beautiful, difficult. It is easier to store than oil, more esoteric than diamonds, more durable than political influence. Its elusive valuation makes it conducive to extremely creative tax accounting.</span></p>
<p>Paumgarten is arguably <keyword id="279589" type="COMPANY" weightage="60" keywordseo="The-New-Yorker">the New Yorker</keyword>'s most talented writer and <a href="http://www.newyorker.com/reporting/2013/12/02/131202fa_fact_paumgarten?currentPage=all">the whole piece is worth checking out.</a></p>
<p><span>Anyway, that's a pretty good summation of where things stand these days.</span></p>

Why Anyone In Their Right Mind Would Pay $142 Million For A Piece Of Art, In One Great Paragraph

<p>Beauty is in the eye of the beholder, but paintings by big-name artists always lead the pack when it comes to record-breaking art sales. <span style="line-height: 1.5em;">Case in point: Pablo Picasso's "Les Femmes d'Alger (Version O)" recently became </span><span style="line-height: 1.5em;">the </span><span style="line-height: 1.5em;"></span><a href="http://www.businessinsider.com/almost-20-years-ago-i-spent-an-afternoon-looking-at-the-picasso-painting-that-just-sold-for-179-million-2015-5" target="_blank">most expensive painting ever to sell at auction</a><span style="line-height: 1.5em;">, with a whopping $179.4 million purchase price</span><span style="line-height: 1.5em;">.</span></p><p>For a global glimpse of the world's priciest paintings, <a href="http://howmuch.net/articles/the-most-valuable-paintings-in-the-world" target="_blank">Howmuch.net</a> created these artful maps.  </p><p> <span style="font-size: 1.5em; color: #000000;">North America</span></p><h2><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5595a3b7ecad04883459c9a9-1200-985/north-america.png" alt="north america" border="0" /><p class="source"><span>HowMuch.net</span></p></div><p></p></div></div><br /></span></h2><p><span style="line-height: 1.5em;">Andy Warhol is the artist behind North America's highest-priced painting. The Pittsburgh visionary who fathered the Pop Art movement painted a piece entitled </span><span style="line-height: 1.5em;">"Silver Car Crash," which sold for $105.4 million. </span></p><p><span style="line-height: 1.5em;">Canadian artist Lawren Stewart Harris' "The Old Tree Stump, Lake Superior" is valued at $3.3 million. Mexican artist Rufino Tamayo's "Trovador" is worth $7.2 million, and Cuban artist Wilfredo Lam's</span><span style="line-height: 1.5em;"> "ídolo (Oya/Divinité de l'air et de la mort)" was last sold for $4.5 million. </span></p><h2><span style="line-height: 1.5em;">Europe </span></h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img style="line-height: 1.5em; display: block; margin-left: auto; margin-right: auto;" src="https://static-ssl.businessinsider.com/image/55a40d2eecad046b463fc078-870-1026/europe-4.png" alt="europe" border="0" /><p class="source"><span>HowMuch.net</span></p></div><p></p></div></div></p><p><span><span>Europe has bragging rights for the world's most expensive painting ever sold at auction, Picasso's "<span>Les Femmes d'Alger (Version O)." Sixteenth century Renaissance artist Francis Bacon's</span></span></span><span style="line-height: 1.5em;"> "Three Studies of Lucian Freud" sold for a then-world record </span><a href="http://www.forbes.com/sites/afontevecchia/2013/11/13/the-reason-why-francis-bacons-lucian-freud-is-worth-142-million/" target="_blank">$142.4 million</a><span style="line-height: 1.5em;"> in 2013. Rounding out the rest of Europe's top five are <span>Norwegian artist Edward Munch's haunting "The Scream," </span></span><span style="line-height: 1.5em;">Austrian artist Gustav Klimt's "Portrait of </span><span style="line-height: 1.5em;">Adele Bloch-Bauer II," and Dutch painter Vincent Van Gogh's "Portrait du Dr. Gachet."</span></p><p><span><span><span><span>Other notably pricey works include <span>France's Claude Monet's "Le Bassin aux Nymphéas," <span>Peter Paul Rubens' "Massacre of the Innocents" and <span>Italian artist Amedeo Modigliani's "Nu assis sur un divan (La belle romaine)."  </span></span></span></span></span></span></span></p><h2><span><span><span><span><span><span>Asia</span></span></span></span></span></span></h2><p> <div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5595a3dc69bedddb3b7caa20-1200-1157/rusia-asia.png" alt="rusia asia" border="0" /><p class="source"><span>HowMuch.net</span></p></div><p></p></div></div></p><p><span>Although technically not in Asia, <span>Russian artist Kasimir Severinovich Malevich's "Suprematist Composition" is worth $60 million. Chinese painter Zhanf Daqian painted "Lotus and Mandarin Ducks," now worth about $24.5 million. "Deer Hunt," by Indonesian painter Raden Saleh, is worth about $7.5 million today.</span></span></p><h2><span><span>Australia</span></span></h2><p><span> <div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5595a4006bb3f7523fa7331a-1200-1083/australia-9.png" alt="australia" border="0" /><p class="source"><span>HowMuch.net</span></p></div><p></p></div></div></span></p><p>The painting titled "Armchair" by Australian artist Brett Whiteley sold for $3.9 million in 2013, a record for an Australian piece of art. </p><h2>South America <div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5595a43fecad04263a59c9a9-1200-1586/south-america-3.png" alt="south america" border="0" /><p class="source"><span>HowMuch.net</span></p></div><p></p></div></div></h2><p><span>Chilean artist Roberto Matta painted the most expensive piece of South American art with "La <span>Révolte des Contraires," now worth $5 million; Colombian artist Fernando Botero's "The Musicians" is worth roughly $2.6 million; and Brazil's Lygia Clark painted a $2.2 million piece of art called "<span>Contra Relevo (Objeto N. 7)." Elsewhere in South America, Uruguay's </span></span></span><span style="line-height: 1.5em;">Joaquín Torres García's "Constructif Mysterieux," is valued at $1.7 million.</span></p><h2><span>Africa</span></h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5595a4586bb3f7cf3fa73318-1200-987/africa-3.png" alt="africa" border="0" /><p class="source"><span>HowMuch.net</span></p></div><p></p></div></div></p><p>In 2011, South African painter Irma Stern's "Arab Priest" sold at auction for nearly $5 million, making it the most valuable known piece of African art. In Egypt, painter Mahmoud Said's "The Whirling Dervishes" sold at auction in 2010 for more than $2.5 million.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/colossal-media-hand-painted-advertising-2013-11">The Complicated Business Of Massive, Hand-Painted Mural Ads</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="d3ZjFtZzotHAYvpJD2mCWhW1r1q58lFX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'd3ZjFtZzotHAYvpJD2mCWhW1r1q58lFX',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

These maps show where the bulk of the world's most expensive paintings came from 

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5551de8969bedd2b6722ef80-800-600/les-femmes-dalger-women-of-algiers-2.png" border="0" alt="Les femmes d'Alger (Women of Algiers)"><p class="source"><span><a href="https://www.flickr.com/photos/clairity/11305640294/">Flickr/Sharon Mollerus</a></span></p><p class="caption">Pablo Picasso's "Les femmes d'Alger (Version 'O')" sold for a record $179.4 million at Christie's.</p></img></div><p></p></div></div>Before markets open on Tuesday, here is what you need to know.</p><p><strong>Bonds around the world are getting smoked.</strong> Overnight, a tepid 10-year auction in Japan caused the benchmark yield to jump 5 basis points to 0.443%. Heavy selling then made its way into German Bunds, with the 10-year yield climbing 9 basis points to 0.701%. The selling has Germany's benchmark yield at its highest level in 5 months. Weakness has also made its way into the US Treasury complex, where the 10-year yield is higher by 5 basis points, and at its own 5-month high near 2.34%. </p><p><strong>Verizon is buying AOL for $50 per share. </strong>The deal values AOL at $4.4 billion. </p><p><strong>New York Fed President Dudley says a rate hike will bring a 'regime shift.'</strong> Dudley says <a href="http://www.bloomberg.com/news/articles/2015-05-12/fed-s-dudley-says-interest-rate-increases-will-mark-regime-shift">the timing of a Fed rate hike remains uncertain</a>, but, "After more than six years at the zero lower bound, lift-off will signal a regime shift even though policy would only be slightly less accommodative after lift-off than it is before." He expects any rate hike to have "implications for global capital flows, foreign exchange valuation and financial asset prices even if it is mostly anticipated when it occurs." </p><p><strong>A Spanish newspaper is reporting the IMF will not participate in a third bailout of Greece. </strong>Spanish newspaper El Mundo reports ineffective action and the re-hiring of recent causalities of the country's austerity measures have drawn the ire of the International Monetary Fund. So much so that <a href="http://www.businessinsider.com/report-the-imf-wont-join-in-a-third-bailout-for-greece-2015-5">the IMF is reportedly saying it will not take place in a third Greek bailout</a>. If the reports are correct, the Eurogroup (the bloc of eurozone finance ministers), the European Commission and the European Central Bank (ECB) will be left to foot the bill. Greece's 2-year yield is up 24 basis points at 21.08%. </p><p><strong>Goldman Sachs must pay $80 million plus interest to National Australia Bank. </strong>An arbitration panel under the Financial Industry Regulatory Authority awarded the settlement, which stems from mortgage-linked securities dating back to 2006. <a href="http://www.businessinsider.com/r-goldman-sachs-ordered-to-pay-80-million-plus-interest-in-2006-case-2015-5#ixzz3ZtuJI16%E2%82%AC">Goldman has been ordered to pay $80 million plus 3% annual interest</a>. According to Reuters, "NAB had argued for $230 million in total damages including $80 million in compensatory damages and interest of $60 million."</p><p><strong>General Motors cut prices in China. </strong>GM became the latest foreign automaker to cut prices in China as the company looks to combat the slowing Chinese economy and increased competition from local brands. <a href="http://www.bloomberg.com/news/articles/2015-05-12/gm-cuts-prices-in-china-as-foreign-brand-sales-slow">According to Bloomberg</a>, "GM's joint venture with SAIC Motor Corp. announced price cuts of as much as 53,900 yuan ($8,700) on 40 models across its Buick, Chevrolet and Cadillac brands."</p><p><strong>UK manufacturing production gained the most in six months. </strong>The March reading <a href="http://uk.businessinsider.com/march-industrial-production-beats-forecast-with-07-rise-2015-5">rose 0.4% month-over-month</a>, slightly outpacing the 0.3% MoM increase that was anticipated. The British pound trades up 0.7% near 1.5700, a five-month high. </p><p><strong>A Picasso sold for a record $179.4 million. </strong>Pablo Picasso's 1955 "Les femmes d'Alger (Version 'O')" sold for <a href="http://uk.reuters.com/article/2015/05/12/uk-art-auction-idUKKBN0NW2B720150512">a record $179.4 million at Christie's</a>. The price tag easily surpassed the previous record set in 2013 when Francis Bacon's triptych "Three Studies of Lucian Freud" was purchased for $142.4 million. </p><p><strong>Stocks were stronger Asia, but are weaker in Europe and the US. </strong>China's Shanghai Composite (+1.6%) led the way, and is now up 114% over the past year. In Europe, Germany's DAX (-2.2%) paces the decline. S&amp;P 500 futures are lower by 13.00 points at 2084.75.  </p><p><strong>US economic data is light.</strong> JOLTs Job Openings will be released at 10 a.m. ET and the Treasury budget is due out at 2 p.m. ET. Treasury will auction $24 billion 3-year notes. The US Dollar Index is down 0.7% at 94.33.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/container-ships-collide-suez-canal-egypt-2015-3">Watch these giant container ships collide near the Suez Canal</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="E4MDQ2dDq9xjV9qTP2lvmq2AeTRu-HAW" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'E4MDQ2dDq9xjV9qTP2lvmq2AeTRu-HAW',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

10 things you need to know before the opening bell

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><img src="http://static2.businessinsider.com/image/5283705f6bb3f7e3101e03c7-1200-924/putin-22.jpg?maxX=480" border="0" alt="Putin" width="480" /><p class="source">REUTERS/Na Son Nguyen/Pool</p><p class="caption">Russian President Vladimir Putin (L) embraces Vietnamese President Truong Tan Sang after a co-operation signing ceremony between Russia and Vietnam at the Presidential Palace in Hanoi, Vietnam November 12, 2013. Putin is on a one-day official visit to Vietnam as part of his Asian tour.</p></div><p></p></div>Good morning. Here's what you need to know.</p>
<ul>
<li>Markets in Asia were lower in overnight trading. The Japanese Nikkei 225 fell 0.2%, the Hong Kong Hang Seng dropped 1.9%, and the Shanghai Composite closed 1.8% lower. European markets are in the red across the board, with the Italian FTSE MIB leading them lower, currently down 0.9%. In the United States, futures point to a negative open.</li>
<li>Japan machine orders fell 2.1% in September from the previous month, worse than the 1.8% drop predicted by economists. "W<span style="color: #222222; line-height: 1.5em;">e think that once the brief shock from next April's consumption tax hike ends and the economy is seen to be growing anew, it will remove one of the uncertainties that is discouraging new investment," said Deutsche Bank economist Kentaro Koyama following the release. </span></li>
<li>U.K. jobless claims fell by 41,700 in October, besting the 30,000 drop predicted by economists. The unemployment rate fell to 7.6% in September from 7.7% the month before.</li>
<li>In its <a href="http://www.bankofengland.co.uk/publications/Pages/inflationreport/2013/ir1304.aspx">latest quarterly inflation report</a>, the Bank of England said the 7% unemployment rate threshold for the central bank to consider hiking interest rates is now likely to be met in the third quarter of 2014, sooner than previously expected. The pound is strengthening this morning on the news.</li>
<li>Eurozone industrial production fell 0.5% in September from the previous month on a seasonally adjusted basis, worse than the 0.3% contraction in output predicted by economists. On a year-over-year basis, however, work-day-adjusted output was up 1.1%, besting the 0.1% consensus estimate.</li>
<li>"Three Studies of Lucian Freud," a 1969 painting by Francis Bacon, <a href="http://www.businessinsider.com/three-studies-of-lucian-freud-sells-for-1424-million-dollars-2013-11">sold for $142.4 million at a Christies auction</a> - marking the highest price ever paid for artwork at an auction. <span>Edvard Munch's "The Scream" held the previous record - it was reportedly sold to financier Leon Black for $120 million at a Sotheby's auction in May.</span></li>
<li>GM announced Wednesday that it will <a href="http://www.businessinsider.com/gm-has-moved-its-international-headquarters-out-of-china-2013-11">move its international headquarters to Singapore</a> from Shanghai. <span>"Singapore would offer closer proximity to our key markets," said Lori Arpin, a spokeswoman for GM's international operations.</span></li>
<li><span style="line-height: 1.5em;">Potbelly made $0.15 per share in its first quarter as a public company, besting the $0.09 EPS expected by analysts. "</span><span style="line-height: 1.5em;">We expect PBPB's significant valuation premium to continue to be supported by the company's strong earnings growth and unit potential story," said BofA Merrill Lynch analysts following the release. Shares are up more than 14% in pre-market trading.</span></li>
<li>Macy's reports earnings before the opening bell. Analysts predict the department store made $0.39 per share in the third quarter (up from $0.36 a year ag0) on revenues of $6.19 billion (up from $6.08 billion a year ago).</li>
<li><span style="line-height: 1.5em;">The U.S. Treasury releases its monthly budget statement at 2 PM ET. Economists expect the Treasury to report a monthly deficit of $102 billion in October after reporting a $75 billion surplus in September.</span></li>
</ul>

10 Things You Need To Know Before The Opening Bell

<p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container float_right"><div class="image on-image"><img src="http://static4.businessinsider.com/image/526ad29beab8ea204499f6f7-1200-1715/guira_guira.jpg?maxX=480" border="0" alt="cuckoo" width="480" /><p class="source"><a href="http://en.wikipedia.org/wiki/File:Guira_guira.jpg">en.wikipedia.org</a></p></div><p></p></div>TO GET someone else to do the hard work of bringing up your offspring for you is certainly one version of Darwinian success. Genetic analysis has shown it is indeed the case that many nests of many bird species harbour young not sired by the male who is helping to feed them. That led evolutionary biologists to predict something similar might be true for another couple-forming, home-building species, Homo sapiens.</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">Rates of adultery in humans, though hard to pin down, and probably variable from one society to another, are thought to be above 15% in most places, and sometimes as high as 50%, over the course of a marriage or equivalent long-term partnership. Those biologists therefore expected to find similarly high rates in people of what is known coyly as extra-pair paternity, or EPP.</span></p>
<p>But, give or take the odd Lucian Freud<span style="font-size: 15px; line-height: 1.5em;">, it ain't so. Repeated studies have shown that among those now alive only 1-3% of children are cuckoos in the nest. The present day is, however, a period of effective contraception and expensive paternity suits, so the biologists still supposed that if they could only look back a century or two, things would be different. Research just published in the Proceedings of the Royal Society, however, suggests it wasn't so then, either.</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">If Maarten Larmuseau and his team at the Catholic University of Leuven, in Belgium, are correct, then at least in Flanders EPPs have never been common, and suspicious fathers normally have nothing to fear, for even in history only about one married man in 50 actually wore the horns of the cuckold.</span></p>
<p>Dr Larmuseau came to this conclusion by studying the Y-chromosomes of men of recorded genealogy. Y-chromosomes, which carry the gene that starts the process of androgenisation in a fetus, and thus pass exclusively from father to son, are unusual because most of their DNA remains undisturbed by a process called crossing over that stirs the rest of the genetic pot when sperm (or eggs) are formed. They are therefore easy to track through the generations using DNA markers called single-nucleotide polymorphisms, or SNPs.</p>
<p>By looking at over 1,000 men of recorded genealogy and comparing, where possible, those whose records said they had a paternal ancestor at least seven generations back, Dr Larmuseau and his team were able to estimate how accurately this paper genealogy corresponded with biological reality, as reflected by the pattern of SNPs. The answer was that only about 1% of men (and therefore, presumably, of women, too) were conceived on the wrong side of the blanket, even in an age when modern contraception was not available.</p>
<p>A second study Dr Larmuseau conducted, involving the descendants of 16th-century French immigrants to Flanders, came up with a figure of 2%--again, in the same range as modern rates of extra-pair paternity. Which poses a puzzle. For if people in the past were as adulterous as the data suggest those now alive are, how did they conceive so few children doing it?</p>
<p>It could be that they were not, and that one effect of modern contraception has been to liberate instincts previously not acted on for fear of the consequences. Or it could be that modern contraception is overrated, and that older methods of family planning, such as being careful about when during a woman's menstrual cycle a couple have sex, were more effective than they are given credit for.</p>
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