For Art's Sake: Five People Who Own The World's Most Expensive Paintings

The world of art is an abstract one. Unlike most material things, estimating the value of art is not easy. Many old artworks being sold for big money today lay ignored during the lifetime of their creators. And, what looks like an ordinary piece of work to one person might fetch millions from a connoisseur of art.

All is, however, not abstract; there are some economics involved, too. When late Indian artist F N Souza's painting, Birth,was sold for $4.085 million last year, it made headlines. While a price tag of that kind might be considered on the lower side by global standards, the price variation between the most expensive painting sold in India and another sold in the US would explain the difference between the two economies of India and the US. When you get richer, your taste typically gets more expensive. And, usually, so does your desire to adorn your home with the best things possible. What remains the same, though, is your pursuit to beautify your home. The price range may vary from hundreds to millions.

PropGuide tells you about the people who have the world's most expensive paintings on the walls of their houses.

Ken Griffin: The Citadel founder

Interchange by Willem de Kooning ($300 million), and Number 17A by Jackson Pollock ($200 million)

A media mogul with a taste for art, Citadel founder Ken Griffin is reported to have bought two paintings in February – Willem de Kooning's Interchange (1955) for $300 million and Jackson Pollock's Number 17A (1948) for $200 million. A renowned philanthropist with an estimated worth of $5.6 billion according to the Bloomberg Billionaires Index, Griffith is famous for his expensive purchases in the art world, apart from his many interests in real estate. Early last year, he also purchased German painter Gerhard Ritcher's Abstraktes Bild for $46.4 million.

Al-Mayassa: The Royal choices

Nafea Faa Ipoipo by Paul Gauguin ($300 million)

She is not only an art lover; she influences the whole art world. The name of Sheikha Al-Mayassa bint Hamad bin Khalifa Al-Thani (Al-Mayassa in short), the daughter of Qatar's founding father, is a regular one on Forbes and Time lists of the world's most powerful. When Al-Mayassa, also the chairperson of Qatar Museum, last year bought French painter Paul Gauguin's 1892 painting Nafea Faa Ipoipo (When Will You Marry) for $300 million, she created a record. Like many artists of his time, Gauguin was not much appreciated during his lifetime. Today, his painting of two Tahitian women is the most expensive one ever sold. This could be a suitable tribute to the French genius.

Also in Al-Mayassa's art collection are other paintings like Cezanne's The Card Players (purchased in 2012 for $250 million) and Mark Rothko's White Center (purchased in 2007 for $70 million). The Royal family of Qatar also owns French artist Paul Cézanne's The Card Players, purchased for $250 million in 2011.

HBJ: The Art loving Sheikh

Women of Algeria (Version O) by Pablo Picasso ($180 million)

Hamad-bin-Jassim-bin-Jaber-bin-Mohammed-bin-Thani Al Thani (popularly known as HBJ) is no ordinary man. Coming from a family responsible for founding modern-day Qatar, he was formerly the prime minister of the country. He owns Pablo Picasso's Women of Algeria (Version O), which he bought last year for $180 million. Today, HBJ happens to be in possession of one of the most expensive painting ever sold at an auction. Interestingly, the Women of Algeria (Version O), the last painting in a 15-part tribute series, is not counted among the Spanish artist's best works. However, there is a twist. This painting, displaying four bare-breasted women, may never find a place in the former PM's Qatar home, for being “un-Islamic”. But HBJ, tipped to be the United Nations Secretary-General after Ban ki Moon retires this year, is better known for his real estate interests and has several properties outside of his country, including one in New York.

Liu Yiqian: Chinese whispers

Reclining Nude by Amedo Modigliani ($170 million)

When Chinese billionaire Liu Yiqian purchased Italian painter Amedo Modigliani's Reclining Nude for $170 million last year – he would later tell the media that the artwork was meant to adorn a private museum he owns in Shanghai – he created a world record. Painted in 1917-18, the Reclining Nude was the second-most-expensive painting sold at an auction, after Pablo Picasso's Women of Algiers (Version O). Back in 1918, Modigliani had failed to sell the whole lot of his artwork for $150. If there is a rags-to-riches story, there is none classier than this one.

Interestingly, Liu used his American Express credit card to do the purchase and earned first-class travel for life scheme which he will use to do a global tour with wife. A taxi driver who made his money by investing in real estate and pharmaceutical stocks, Liu is often criticised for his ostentatiously expensive taste. The Bloomberg Billionaires Index in 2015 estimated his net worth at $1.5 billion.

Steven A Cohen: The Wall Street Guy

Woman III by Willem de Kooning ($137.5 million)

Acknowledging his extreme passion as a collector, Art News Magazine once named him among the Top-10 biggest spending art collectors around the world. The “hedge fund king” who is equally known for his philanthropic work, Steven A Cohen is indeed a Wall Street man with an artistic bent of mind. Among his collection, which includes Picasso's Le Rêve, is the Willem de Kooning's painting Woman III, which he bought for an estimated $137.5 million. The painting, one of a six-part series completed between 1951 and 1953, was with the Tenhran Museum of Contemporary Art till 1994. It reached Cohen in the year 2006.