No. 5, 1948
Encyclopedia
No. 5, 1948 is a painting by Jackson Pollock
, an American painter known for his contributions to the abstract expressionist movement. The painting was done on an 8' × 4' sheet of fiberboard
, with thick amounts of brown and yellow paint drizzled on top of it, forming a nest-like appearance. It was originally owned by Samuel Irving Newhouse, Jr.
and displayed at the Museum of Modern Art
before being sold to David Geffen
and then allegedly to David Martinez
in 2006 (though the supposed sale of this painting to Martinez has been denied by his attorneys).
on November 2, 2006, the painting was sold by David Geffen
, founder of Geffen Records
and co-founder of Dreamworks SKG, to David Martinez
, managing partner of Fintech Advisory Ltd, in a private sale for a record inflation
-adjusted price of $140 million. The sale was reportedly brokered by Sotheby’s auctioneer Tobias Meyer, however, the law firm of Shearman & Sterling
, LLP, issued a press release on behalf of its client, David Martinez, to announce that contrary to recent articles in the press, Martinez does not own the painting or any rights to acquire it. It is speculated that Geffen sold the painting, along with two others, to raise enough funds to bid for the Los Angeles Times
. Martinez has reportedly been amassing an art collection, buying multiple modern artworks in recent years.
This sale would make the painting the most expensive ever sold, privately or at auction, exceeding the sale of Gustav Klimt
's 1907 Portrait of Adele Bloch-Bauer I
to Ronald Lauder
, heir to the Estée Lauder Companies
fortune, by around five million dollars. David Cook, deputy director of painting at Sotheby's Australia, stated that the price of Pollock's paintings will continually rise in value, as very few of Pollock's paintings are still left. Cook has also stated that another of Pollock's paintings, Blue Poles
, is worth at least 180 million AUD and possibly even more than No. 5, 1948. In addition to the refutation issued by Shearman & Sterling, the auction expert Josh Baer indicated that Martinez was not the buyer of the painting.
' song "Going Down", B-side of "Made of Stone
", makes a comic reference to the painting: "Passion looks like a painting, Jackson Pollock's No. 5". The record's cover was a painting by guitarist John Squire
in a style similar to that of Jackson Pollock.
Jackson Pollock
Paul Jackson Pollock , known as Jackson Pollock, was an influential American painter and a major figure in the abstract expressionist movement. During his lifetime, Pollock enjoyed considerable fame and notoriety. He was regarded as a mostly reclusive artist. He had a volatile personality, and...
, an American painter known for his contributions to the abstract expressionist movement. The painting was done on an 8' × 4' sheet of fiberboard
Fiberboard
Fiberboard is known as low density fiberboard is a type of engineered wood product that is made out of wood fibers. Types of fiberboard include particle board, medium-density fiberboard, and hardboard. Fiberboard is sometimes used as a synonym for particle board, but particle board usually refers...
, with thick amounts of brown and yellow paint drizzled on top of it, forming a nest-like appearance. It was originally owned by Samuel Irving Newhouse, Jr.
Samuel Irving Newhouse, Jr.
Samuel Irving Newhouse, Jr. , nicknamed Si Newhouse, is the chairman and CEO of Advance Publications, which, among other interests, owns Condé Nast, publisher of many marquee brands in the world of magazines such as Vogue, Vanity Fair, and The New Yorker. He is the son of Samuel Irving...
and displayed at the Museum of Modern Art
Museum of Modern Art
The Museum of Modern Art is an art museum in Midtown Manhattan in New York City, on 53rd Street, between Fifth and Sixth Avenues. It has been important in developing and collecting modernist art, and is often identified as the most influential museum of modern art in the world...
before being sold to David Geffen
David Geffen
David Geffen is an American record executive, film producer, theatrical producer and philanthropist. Geffen is noted for creating Asylum Records in 1970, Geffen Records in 1980, and DGC Records in 1990...
and then allegedly to David Martinez
David Martinez
David Martinez Guzman is managing partner of Fintech Advisory, a firm that specializes in corporate and country debt. Fintech has offices in London and New York. David Martinez studied and earned an electrical engineer title at the Tecnologico de Monterrey in Monterrey, Mexico, and received an...
in 2006 (though the supposed sale of this painting to Martinez has been denied by his attorneys).
Alleged sale
According to a report in The New York TimesThe New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
on November 2, 2006, the painting was sold by David Geffen
David Geffen
David Geffen is an American record executive, film producer, theatrical producer and philanthropist. Geffen is noted for creating Asylum Records in 1970, Geffen Records in 1980, and DGC Records in 1990...
, founder of Geffen Records
Geffen Records
Geffen Records is an American record label, owned by Universal Music Group, and operated as one third of UMG's Interscope-Geffen-A&M label group.-Beginnings:...
and co-founder of Dreamworks SKG, to David Martinez
David Martinez
David Martinez Guzman is managing partner of Fintech Advisory, a firm that specializes in corporate and country debt. Fintech has offices in London and New York. David Martinez studied and earned an electrical engineer title at the Tecnologico de Monterrey in Monterrey, Mexico, and received an...
, managing partner of Fintech Advisory Ltd, in a private sale for a record inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
-adjusted price of $140 million. The sale was reportedly brokered by Sotheby’s auctioneer Tobias Meyer, however, the law firm of Shearman & Sterling
Shearman & Sterling
Shearman & Sterling LLP is a law firm headquartered in New York City with 20 offices located in major financial centers around the world founded in 1873. It is well known for both its litigation and transactional capabilities, especially in International Arbitration, Capital Markets, Finance, and...
, LLP, issued a press release on behalf of its client, David Martinez, to announce that contrary to recent articles in the press, Martinez does not own the painting or any rights to acquire it. It is speculated that Geffen sold the painting, along with two others, to raise enough funds to bid for the Los Angeles Times
Los Angeles Times
The Los Angeles Times is a daily newspaper published in Los Angeles, California, since 1881. It was the second-largest metropolitan newspaper in circulation in the United States in 2008 and the fourth most widely distributed newspaper in the country....
. Martinez has reportedly been amassing an art collection, buying multiple modern artworks in recent years.
This sale would make the painting the most expensive ever sold, privately or at auction, exceeding the sale of Gustav Klimt
Gustav Klimt
Gustav Klimt was an Austrian Symbolist painter and one of the most prominent members of the Vienna Secession movement. His major works include paintings, murals, sketches, and other art objects...
's 1907 Portrait of Adele Bloch-Bauer I
Portrait of Adele Bloch-Bauer I
Portrait of Adele Bloch-Bauer I is a painting by Gustav Klimt completed in 1907. According to press reports it was sold for US$135 million to Ronald Lauder for his Neue Galerie in New York City in June 2006, which made it at that time the most expensive painting for about 4 months...
to Ronald Lauder
Ronald Lauder
Ronald Steven Lauder is a Jewish-American businessman, civic leader, philanthropist, and art collector. Forbes lists Lauder among the richest people of the world with an estimated net worth of $3.0 billion in 2007.-Life and career:...
, heir to the Estée Lauder Companies
Estée Lauder Companies
Estée Lauder Companies, Inc. is a manufacturer and marketer of prestige skincare, makeup, fragrance and hair care products. The company has its headquarters in Midtown Manhattan, New York City.-History:...
fortune, by around five million dollars. David Cook, deputy director of painting at Sotheby's Australia, stated that the price of Pollock's paintings will continually rise in value, as very few of Pollock's paintings are still left. Cook has also stated that another of Pollock's paintings, Blue Poles
Blue Poles
Blue Poles is an abstract painting from 1952 by the American artist Jackson Pollock, more properly known as Blue Poles: Number 11, 1952, and is considered to be Pollock's most important painting...
, is worth at least 180 million AUD and possibly even more than No. 5, 1948. In addition to the refutation issued by Shearman & Sterling, the auction expert Josh Baer indicated that Martinez was not the buyer of the painting.
Popular references
The Stone RosesThe Stone Roses
The Stone Roses are an English alternative rock band formed in Manchester in 1983. They were one of the pioneering groups of the Madchester movement that was active during the late 1980s and early 1990s...
' song "Going Down", B-side of "Made of Stone
Made Of Stone
"Made of Stone" is a single from The Stone Roses' eponymous début album. Jackson Pollock is referenced in the B-side "Going Down" in the line "Yeah, she looks like a painting, Jackson Pollock's No...
", makes a comic reference to the painting: "Passion looks like a painting, Jackson Pollock's No. 5". The record's cover was a painting by guitarist John Squire
John Squire
John Thomas Squire is an English musician, songwriter and artist.Squire is best known as the guitarist for The Stone Roses, a rock band in which he formed a songwriting partnership with lead singer Ian Brown. After leaving The Stone Roses he went on to found The Seahorses and has since released...
in a style similar to that of Jackson Pollock.