This post originally appeared on Scene Asia.
Pity the diamonds. Lately, contemporary art has outshone expensive gems at the auction houses.
This month, the frenzy of a Christie’s contemporary art sale in New York was capped by the $142.4 million sale of Francis Bacon’s triptych of Lucian Freud, which became the most expensive work of art ever sold at auction. In comparison, the sale of two major diamonds in Geneva last week brought what almost looked like chump change, even with a 24.78-carat pink diamond realizing $83 million at Sotheby’sBID +2.79% and a 14.82-carat orange diamond fetching $35.5 million at Christie’s.