Evard Munch's most famous work, "The Scream" has sold at Sotheby's auction house for a record setting $120 million. Great mystery has surrounded who the buyer of the painting is. There are unconfirmed reports according to the Wall Street Journal that the purchaser was non-other than billionaire Leon Black who made his fortune as the lead partner in Apollo Global Management.
This painting has gone for so much money because it is much more than just a painting. Even those not interested in art can identify "The Scream", much attributed to it being more of a celebrity icon than an important piece of art, though it certainly is an important piece of art too.
It's also interesting to note that the buyer is an American and that typically the extreme-priced paintings don't end up going to China or Russia. It will be interesting to see how the price of The Scream holds up over time. Do you think it will increase or decrease in value over time? Our opinion is that The Scream will hold it's value for the short to mid-term and will eventually increase in greater value over the next ten to twenty years.