Rothko Art at $40 million

Bloomberg reports that Christie's International, the art auction house owned by French billionaire Francois Pinault, is gearing up for its New York art sales in May with a Mark Rothko painting that it values at $40 million or more. Rothko's 1952 red-and-yellow canvas, "No. 15" measuring 90 by 77 inches, is part of a U.S. collection of abstract expressionist art that will be auctioned on May 13, Christie's said in a statement. The art auction house declined to name the seller of the work, though it said the painting might set an auction record for the artist. Rothko's current record of $72.8 million was set last May, when Sotheby's sold "White Center (Yellow, Pink and Lavender on Rose)" for David Rockefeller. Christie's and its main competitor Sotheby's, both currently preparing for February art sales in London, are in a race to win consignments for their May auctions, which last year exceeded $1.4 billion in sales. London-based Christie's and New York-based Sotheby's each sold about $6 billion of art last year at auctions and in private transactions. (For full source and full article click the Headline). Irish Art