As Modigliani's "Reclining Nude" just fetched the second-highest sum for a painting at an auction, find out why art market prices are soaring and which other artworks make up the top 10 most expensive.
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The world's 10 most expensive artworks
As Modigliani's painting "Reclining Nude" just fetched the second-highest sum for a painting at an auction in November 2015, find out which other artworks make up the top 10.
Image: picture-alliance/dpa
Picasso's 'Women of Algiers': $179.4 million
From 1954-55, Pablo Picasso did a series of 15 paintings inspired by Delacroix's "Les Femmes d'Alger," with versions named "A" through "O." He started them after the death of Henry Matisse, as a tribute to his friend and artistic rival. "Version O" broke the world record for an auction sale, selling for $179.4 million (167.1 million euros) at Christie's on May 11, 2015.
Image: Reuters
Modigliani's 'Reclining Nude': $170.4 million
At the Christie's auction held on November 9, 2015, seven potential buyers spent nine frantic minutes bidding on this painting. It was finally snapped by a telephone bidder from China. The nude, painted in 1917-18, provoked a scandal at its first exhibition in Paris. The police shut the art show down after a crowd gathered outside the window.
Image: picture-alliance/AP Photo
Bacon's 'Three Studies of Lucian Freud': $142.4 million
This 1969 triptych documents Francis Bacon's friendship and rivalry with fellow painter Lucian Freud. At the time it was sold, in November 2013, it obtained the highest price for a work of art at an auction, until Picasso - and now Modigliani - surpassed that record in 2015.
Image: picture-alliance/dpa
Giacometti's 'Pointing Man': $141.3 million
The Italian-Swiss master Alberto Giacometti holds quite a few records for auction sales, and he broke his own record in 2015, when the 1947 bronze sculpture "Pointing Man" was sold for $141.3 million at a Christie's auction. Not bad, considering it was created in a single night.
Image: picture-alliance/dpa/V. Hatfield/Christies
Klimt's 'The Woman in Gold': $135 million
This 1907 painting by Gustav Klimt is considered one the most elaborate and representative of his "golden phase." In 2006, it was sold through a private sale brokered by Christie's for a record sum for a painting, $135 million. That same year, Jackson Pollock's classic drip painting "No. 5 1948" broke that record, obtaining $140 million through another private sale.
This agonizing character painted by Edvard Munch is one of the most iconic paintings in the world. The Expressionist artist had actually made four versions of it: Three are in Norwegian museums, and the fourth one was sold for the screeching price of $119.9 million in May 2012 at Sotheby's.
Image: picture-alliance/dpa
Picasso's 'Nude, Green Leaves and Bust': $106.5 million
Inspired by his mistress Marie-Thérèse Walther, Picasso created this painting in a single day in 1932. If you add the eight minutes and six seconds it took for the auction record bid at Christie's in May 2010, it still appears to be well-invested time.
Image: picture-alliance/dpa
Warhol's 'Silver Car crash': $105.4 million
This 1963 double-panel work provocatively depicts a lifeless body right after a car crash. It obtained the largest sum paid for a work by the Pop artist at a Sotheby's auction in New York in November 2013.
Image: AUSSCHNITT: picture-alliance/dpa/Sotheby's
Picasso's 'Boy with a Pipe': $104.2 million
This portrait of an adolescent holding a pipe and wearing a garland of flowers in his hair was created during the Spanish master's "Rose Period" in 1905. Just a little under a century later, the painting fetched an impressive sum at a Sotheby's auction in 2004.
Image: picture-alliance/dpa
Giacometti's 'Walking Man I': $104.3 million
Amidst the economic crisis, the stick-man sculpture fetched a record sum at the time of its auction in 2010. As opposed to the quick creation of "Pointing Man," Giacometti struggled to produced this iconic work, which was originally planned as part of a larger public commission in 1961.
Image: picture-alliance/dpa
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If you are scratching your head trying to figure out why in the world someone would pay over $170 million (159 million euros) for a single painting, you're probably not among the new ultra-rich looking for a safe investment amidst the rocky financial market.
At an auction held on Monday night (09.11.2015), Modigliani's "Reclining Nude" fetched the second highest sum ever at auction, reaching $170.4 million (158.7 million euros). The bidding did not last even 10 minutes, but each minute was filled with action - and when the sale was concluded, the packed room erupted in applause, Christie's reported.
Earlier this year, Picasso's "The Women of Algiers (Version 0)" went under the hammer for an extra $9 million on top of that price - and it now holds the world record.
The prices for artworks have been soaring over the last decade, despite turbulence in the financial world. As this last record sale demonstrates, auction houses are now developing in new markets such as China and India, where first-time buyers are developing an interest in investing in art.
These prices are not set in a rational way. The famous art forger Wolfgang Beltracchi demonstrated some of the failures of the art market by reproducing paintings and getting them sold at high prices for years before he was exposed.
With the rich getting richer, this trend of record-breaking sums spent on art might not slow down any time soon. In a DW interview, art gallery owner Hans Mayer explains why he does not believe that the art market is about to overheat: "There's more money than there are good artworks and artists."