The "artwork" really is a load of crap, but apparently some billionaire or something decided he or she wanted to impress his or her rivals in the area of tastelessness.
Of the 69 works on offer, only six failed to sell. All told, 10 world record prices were achieved for artists who, besides Bacon, included Christopher Wool, Ad Reinhardt, Donald Judd and Willem de Kooning.
The sale was also a place to see and be seen. Christie’s Rockefeller Center salesroom was standing room only, with collectors including Michael Ovitz, the Los Angeles talent agent; Aby Rosen, the New York real estate developer; Martin Margulies, from Miami; Donald B. Marron, the New York financier; and Daniel S. Loeb, the activist investor and hedge fund manager.
The Bacon triptych was not the only highflier. A 10-foot-tall mirror-polished stainless steel sculpture that resembled a child’s party favor, Jeff Koons’s “Balloon Dog (Orange)” sold to another telephone bidder for $58.4 million, above its high $55 million estimate, becoming the most expensive work by a living artist sold at auction. The pooch was being sold by Peter M. Brant, the newsprint magnate who auctioned the canine to raise money to endow his Greenwich, Conn., foundation. In the 1990s, Mr. Koons had created the sculpture in an edition of five, each in a different color. Four celebrated collectors own the others: Steven A. Cohen, the hedge-fund billionaire, has a yellow one; Eli Broad, the Los Angeles financier, owns a blue one; François Pinault, the French luxury goods magnate and owner of Christie’s, has the magenta version; and Dakis Joannou, the Greek industrialist, has his in red. Christie’s had estimated Mr. Brant’s sculpture would fetch $35 million to $55 million.
There is a slideshow at the link where you can view the "masterpieces."