Exclusive: Jackson Pollock’s Blue poles – the most publicly derided acquisition in modern Australian art history – is now worth a whopping $500 million
is now worth a whopping $500 million, according to a new valuation by its keeper, the National Gallery of Australia.A hot global art market that has defied COVID-19 downturns is partly behind the $150 million increase in the painting’s value since its last valuation five years ago. Purchased for $1.3 million in a courageous call by the gallery’s inaugural director James Mollison in 1973, the piece has come to be regarded as one of the most important works of the 20th century.
Though not as famous as its brother,Fifty years ago, Mollison caused a public storm when the-then prime minister Gough Whitlam authorised the purchase of, showcasing Pollock’s “drip” technique, for what was then a world record price for an American painting.His astute purchase was savaged as a waste of taxpayer funds, but Mollison proved those armchair critics wrong. Rarely off display since the National Gallery of Australia opened nine years later,The NGA collection is now worth $6.
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