A new auction record for Franz Kline has been set by an untitled artwork in Christie's Post-War & Contemporary Art Evening Sale.
The piece - which dates to 1957- sold for $40.4m in New York last night (November 14), bringing a 34.6% increase on its $20m-30m valuation. The price represents a 531.2% gain on the previous $6.5m auction record, which was set by his 1958 work Crow Dancer at Christie's in 2005.
A recent New York Times article declared Franz Kline as one of the most undervalued abstract expressionist painters in the current market. This can be attributed in part to the fact that the artist has no catalogue raisonne - a comprehensive catalogue of his works - which has resulted in a number of forgeries and has shook the public's confidence in buying his art.
Find out how to identify an art forgery with advice from Paul Fraser.
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