Sotheby’s marquee week concluded with record-breaking results, as the auction house sealed multi-million dollar deals across various contemporary art segments.
A week-long marathon of evening marquee sales came to a close at Sotheby’s, with the final major May auction raking in a staggering $186.1 million across three sales.
A Masterclass in Contemporary Art
The first lot, featuring twelve works from the personal art collection of legendary dealer Barbara Gladstone, showcased the vendor’s distinctive dark aesthetic. The sale brought in $18.8 million, surpassing its presale estimate of $11.9-17.2 million. ‘Elizabeth Peyton’s tender portrait sold quickly for $700,000 ($889,000 with fees),’ while a Thomas Schütte sculpture attracted four bidders before settling at $550,000 ($698,000 with fees).
The market for Italian postwar works also showed signs of revival, as Daniella Luxembourg‘s collection brought in $40.4 million, meeting its presale expectations and signaling renewed appetite for the artist’s work.
Lucio Fontana Makes History
Lucio Fontana‘s ‘Concetto Spaziale’ sold for a staggering $14,485,000, setting a new auction record for a sculptural work by the artist. The piece climbed from a $40,000 opening to fetch this incredible price, following the first of two Alexander Calder works in the collection – ‘The Beetle (1969)’ – which sold for $5.1 million ($6.3 million with fees) after reaching its high estimate.
A New Record for Yu Nishimura
Fast-rising Japanese painter Yu Nishimura set a new record for a sentimental work, selling for $406,400 – doubling his previous high of $296,100. The sale was part of the ‘Now and Contemporary Evening Auction’ , which saw strong results across various artists.
Basquiat and Lichtenstein Shine
Jean-Michel Basquiat‘s vibrant painting sold for $16.4 million, while Roy Lichtenstein‘s ‘Stretcher Frame with Cross Bars III’ achieved $4.9 million ($7.795 million with premium), twice its estimate. The artist’s nine lots brought in a total of $29 million.
A Successful Evening
The marathon concluded at $127.1 million within its presale estimate, with 93 percent sold by lot. Sotheby‘s performance reflected renewed energy in the contemporary and ultra-contemporary segments – and robust activity in the sub-seven-figure range.
