Christie’s Auction house has recently broken another record with Jasper Johns’ Flag, which was estimated to sell at $15 million, and ultimately sold for slightly over $28.6 million. The sale, which took place on May 12, 2010, featured the collection of Michael Crichton. The winning bid went to Michael Altman.

Flag is not only an iconic Johns’ piece, but possibly one of the most famous pieces of modern art as well. Although the raw materials of Flag are primarily paper and canvas, its true origins are directly from the artist’s subconscious. The idea for Flag was the result of a dream Johns had, he has stated: “One night I dreamed that I painted a large American flag, and the next morning I got up and went out and bought the materials to begin it. And I did…” And a large American flag it is indeed. Measuring at 17 ½ x 26 ¾ inches, the bold piece doesn’t simply abstractly interpret the actual American flag; it mirrors it.

Along with Johns’ Flag the sale featured other pivotal contemporary artists such as Warhol, Ruscha, Lichtenstein and Rauschenberg.

[Christie's]