Two consecutive contemporary sales on Thursday brought Sotheby’s an impressive $204.7 million in total revenues.
Titled “Now”, the evening was dedicated to contemporary artists. The first event of the night was also the smaller one – a sale focusing on trending artworks that were created in the last 5 years. The event brought a total of $37.2 million in sales.
The second event was the highlight of the night – the Contemporary evening sale. The total pre-sale estimate of the lots being offered at the sale was $154.9 million. However, before the sale began, five lots – each being estimated to be worth less than a million USD – were withdrawn. Despite this, the evening sale managed to bring in $167.5 million. Hence, the night brought Sotheby’s a total of $175 million ($204.7 million including fees), more than the revised estimate of $169 million after the withdrawals.
The sale was perhaps the most rewarding for the six artists who made their personal records here. This included Simon Leigh, whose Las Meninas II (2019) sold for $3 million (breaking the record she made just days prior at a Philips auction). Perhaps the most sought-after work of the night was Henry Taylor’s “From Congo to the Capital and black again” (2007). Inspired by Picasso’s Les Demoiselles d’ Avignon (1907), the work sold $2.5 million – much above its $1 million estimate and a personal record for Taylor. The star of the night was Spider by Louise Bourgeois, a massive bronze sculpture. The work fetched $32.8 million, the highest for the night.
Also Read: ‘Nudity’ Claims Led To Rejection Of Subway Ad Feat. David By Michelangelo
Sotheby’s sales were an important sign to prove naysayers wrong. It has been speculated for a few months that amidst the collapse of major global banks, the high-value art market will face an inevitable slowdown. The recent Philips sale, with its lackluster performance, seemed to indicate the same. But Sotheby’s proved that the art market is still going strong.
