In November, Francis Bacon's "Three Studies of Lucien Freud" sold at auction for $142 million, the highest price ever fetched at auction for a piece of art. Last week, news reports established that the anonymous buyer was, in fact, Elaine Wynn. So why is this painting so valuable? And what does its purchase tell us about the state of the art market?
Kelly Crow, art market reporter, Wall Street Journal
