This week Edvard Munch’s iconic work The Scream broke records as the most expensive piece of art sold at auction, with an eye-watering hammer price of $119 million. An emerging markets buyer is likely.

This week Edvard Munch’s iconic work The Scream broke records as the most expensive piece of art sold at auction, with an eye-watering hammer price of $119 million.

It surpassed the previous record, held by Pablo Picasso’s Nude, Green Leaves, and Bust, which sold at Christie’s New York in May 2010 for $106 million.

The buyer remains anonymous but industry sources, perhaps unsurprisingly, point to the emerging markets. After prolonged bidding at Sotheby's New York auction house this week, initially between eight individuals and finally between two “highly determined” telephone bidders battling for over 12 minutes, a victor emerged.

The Emir of Qatar and Russian oligarch Roman Abramovich have both been highlighted as likely buyers. Before the sale Sothebys even nodded to the fact that buyers from emerging markets would be interested in the work.

“An icon of global visual culture, The Scream is instantly recognisable – from Beijing to Moscow to New York,” said Sothebys in a statement.

This comes as no surprise. Wealth in the emerging markets is rocketing. In Asia alone, intelligence firm Wealth-X forecasts that the ultra high net worth population (those with over $30 million in liquid assets) will surpass that of Europe in 2024 and overtake that of the US in 2032. Russia has nearly 1,300 UHNW individuals, 80 of whom are billionaires, while the Middle East has a staggering 4,500 UHNW individuals.

But more importantly for the art market, these new wealthy are looking for status symbols. "[The emerging markets] is new money now wanting to enjoy the lifestyle of old money: fine wine, luxury yachts, private jets, trophy homes, the finest in education for their children, and collectable art," Wealth-X told sister publication WealthBriefingAsia in a recent interview.

That the 1895 painting The Scream is highly sought after is unarguable. But this is not necessarily down to the quality of the painting, which has been widely disputed. Its desirability comes down to its trophy asset quality.

As the only one of four versions of the composition still in private hands, it is extremely rare. The work was owned by Norwegian businessman Petter Olsen, whose father Thomas was a friend, neighbour and patron of Munch. 
It is also the only one to feature a poem by the Norwegian artist, inscribed on the back.

But its main draw for the eight (presumably) billionaire bidders who were locked in competition for the artwork, was its iconic nature. The painting has reached fame through its dramatic portrayal of human anxiety, rendering it a household name as far as art goes.

“The iconic work is one of the most instantly recognisable images in both art history and popular culture, perhaps second only to the Mona Lisa,” said Sothebys in a statement. 

When The Scream is hung upon the mystery buyer’s wall, it will signify one thing. Taste can be disputed, symbolism will be negated, but unequivocally the painting says: “I am rich.”