Sotheby’s Contemporary Sale in London raises $126.6 million with low-key performance

Provided by Sotheby’s

On Wednesday night in London, Sotheby’s brought in $126.6 million (including fees) in a fairly tame evening sale of modern and contemporary art, including its seventh The Now auction of ultra-contemporary works.

The total hammer price excluding fees was $104.3 million, close to the pre-sale floor price of $95.3 (tally without fees). The sale wasn’t a huge success, but it wasn’t a disaster either, and the auction house responded positively. Although established artists commanded the highest prices, several relative newcomers, especially women, stirred up excitement.

After the game, evening auction manager Antonia Gardner said: art news Lott’s estimate was “realistic”, suggesting that the current health of the art market, which is still recovering from the 2023 drop, tempered pre-sale expectations.

The Now will first judge 12 works by emerging artists such as Takako Yamaguchi, Jade Fadojutimi and Emma Webster, as well as works by artists with developed blue-chip markets such as George Condo, with 9 works receiving high praise. exceeded. She only had one painting left unsold (Nicole Eisenman’s) beer garden, 2007), while Yamaguchi and Rebecca Warren set an artist record.Etel Adnan was the only artist to witness the record, her highest pay was $564,159 Untitled (circa 1970) Four bidders pursued this painting, which was subsequently sold. That means all three of the night’s record breakers were women.

Another positive is that 60% of works by female artists exceeded high expectations.

Now’s results confirmed the dominance of Romanian Victor Mann, whose market has grown rapidly in recent seasons.his picturechandler (2013) recorded $515,803, five times the highest price. Iraqi artist Mohammed Sami also had a good night —telephone pole (2021) sold well for $241,783. Sami has been the subject of major solo exhibitions in London and New York, and another will be held at Blenheim Palace in Oxfordshire in July.

Of the 58 other modern and contemporary works, five sold for more than $6 million (Picasso, Monet, Signac, Bacon, Miró), and five did not sell at all. In both sales, just over half of the lots sold exceeded high expectations.

The Spring Night auction coincided with the 150th anniversary of the first Impressionist exhibition in Paris in 1874, and standout works naturally included paintings by Impressionist pioneers.Claude Monet’s Arbres au bord de l’eau, Printemps a Giverny (1885) slightly exceeded its high estimate of $8.9 million to $9.8 million; Around Glasson and Benecourt (1893) sold for just under $4 million, $500,000 below the high bid. Neither had a pre-sale warranty.

In fact, only seven works were guaranteed and only five were secured through irrevocable bids, with recent events such as Christie’s 20th Century Art sale last November, where half of the lots were financially guaranteed. This is a much lower percentage compared to auctions. But this doesn’t seem to have injected any nitro into Wednesday’s bid.

picasso’s Homme a la pipe (1968) was described as “adventurous by Sotheby’s, last sold half a century ago” and was the only episode of the auction to receive applause. Auctioneer Helena Newman, chair of Sotheby’s Europe and co-head of Impressionist and Contemporary Art from around the world, sold the gavel for $17.4 million (it was sold to a low bidder from an Asian collector). , which was the highest price of the night. Another of the Spaniard’s works, a rare example from his Blue Period (1901-1904).Luis Vilaro (1904) – Unfortunately, it was withdrawn before release.

Several lots sent ripples of excitement through the packed auction house.ghost of francis bacon George Dyer research (1970) achieved the second highest price for a single study on Dyer (Bacon’s Lover) at auction, selling for $8.7 million (highest price – $8.9 million). This compact portrait was exhibited at the artist’s major exhibition in Paris in 1971, making it the first time since Picasso that a living artist had had a solo exhibition at the French capital’s Grand Palais. Lot 19, by Frank Auerbach Head of EOW II (1964) sold for $5.1 million (highest price – $6.4 million) on the back of a large-scale exhibition of drawings that continued and received critical acclaim at the Courtauld Gallery in London. Speaking ahead of the sale, James Sevier, head of contemporary European art at Sotheby’s, said: art news The portrait “has all the characteristics of Auerbach’s best work”.

Andy Warhol’s simple but moving piece, A Gang of Gamblers seemed to be hoping for a dramatic bidding war for Lot 22, but it never materialized. flowers (1964-65). Immediately after the $1.4 million sale, the room thinned out.

Portrait of Genevieve of Columbus (1944) Written by Françoise Giraud, from the collection of founder Arianna Huffington huffington post, causing serious tension as four phone bidders dueled with one in the room. The painting ultimately sold for $918,774, four times its estimated price, making it one of the highest prices ever achieved by Gilot at auction.

The exhibition attracted 7,500 visitors over the course of one week, and the bidding was global, with participants from 41 countries participating, so there was great public interest in the lead-up to the sale.

While a Chinese buyer was packing up works by Pierre-Auguste Renoir, fleur dans en vase (circa 1878) sold for $3.1 million, but was otherwise severely lacking in Asian bidders. The upbeat Harry Dalmeny, chairman of Sotheby’s UK, said: art news “The timing of London’s evening sale is not ideal for Chinese bidders.” Sevier, head of European contemporary art, said he was encouraged by the number of online bids from elsewhere, adding: “Buying at auction has never been easier, which can only be a good thing for homes.” ” he said.

Simon Shaw, Sotheby’s vice chairman of global fine arts, described the bid as “slow, thoughtful and admirable”. He was optimistic about the results, adding that “the 2023 bubble is disappearing” and sales were “strong”.

Sotheby’s is currently preparing for its Modern Contemporary Day auction on Thursday, March 7, which is expected to feature such luminaries as Henri Matisse, Edgar Degas and Banksy.