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Eyes on the prize as art flippers target masterpieces

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Francis Bacon's "Portrait of Henrietta Moraes" sold for US$47.8 million at Christie's. It was last seen at auction in 2012, when it went for US$33.7 million. It produced a 6.95 per cent annualised gain.

New York

IN November, a painting of a pensive young woman by French artist Francis Picabia sold for 145,000 euros (S$217,000) at auction in Paris.

Six months later, the same 1940s work appeared at Christie's in New York, and at least three bidders pushed the price to US$580,000.