A chair worth $3.7 million

LONDON – Luther Vandross famously crooned “A chair is still a chair/Even when there’s no one sittin’ there.”

By Natalia Rachlin, CNN

But is a chair still just a chair when it sells for a cool £2.43 million ($3.74 million)?
When designer Marc Newson’s Lockheed Lounge chair hit the block at Phillips in London in April 2015, it broke the world record for the most expensive work of contemporary design ever sold at auction and proved that the market is on fire.
While vintage wares from late greats like Jean Prouvé, Jean Royère, Carlo Mollino and Gio Ponti have long fetched eye-popping sums at auction, the Lockheed sale — though undoubtedly an anomaly — hinted that contemporary designers working today are capable of being as hot a commodity as their predecessors.
Marc Newson's Lockheed Lounge chair sold for £2.43 million ($3.74 million) at a Phillips auction in London in April 2015, setting a new record for the most expensive piece of contemporary design ever sold.

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