• Sotheby’s Contemporary Art Evening Sale: Analyzing the Results

    Date posted: June 30, 2016 Author: jolanta
    Andy Warhol’s “Four Marilyns (Reversal Series)” (1979-86) and Jenny Saville’s “Shift” (1966-67) are auctioned off at Sotheby’s Contemporary Art Evening Sale, June 28, 2016. (Courtesy of Sotheby’s )

    The Sotheby’s Contemporary Art evening sale exceeded expectations, Judd Tully reported, easing concerns about the impact of Brexit on the art market. In fact, the weak pound might have spurred the enthusiastic bidding, which resulted in two artist records: one for Jenny Saville, whose “Shift” (1996-97) —the evening’s top lot — sold to the Long Museum for £6,813,000, almost three times its high estimate, and one for Keith Haring, whose 1989 “The Last Rainforest” went for £4,181,000. The final tally was £52,194,000, including buyer’s premium, above the high end of the presale estimate. Of the 46 lots on offer, 87 percent sold, and half were hammered down at prices above the mid-line estimate. The only minor upset involved the highly valued  Sigmar Polke, “Roter Fisch (Red Fish),” which failed to make its low estimate of £3.5 million, going for £3,117,000. There are indications that the house’s use of guarantees affected the quality of consignments.

    BY Meghana Reddy for www.blouinartinfo.com

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