Sotheby’s Contemporary Art Evening Auction Totals $310.3-M

Sotheby’s Contemporary Art Evening Auction Totals $310.3-M

Sotheby’s Contemporary Art Evening Auction Totals $310.3-M

$BID, $RACE

  • Notably, the Y 2001 Ferrari F2001 sold for $7.5-M against a high estimate of $4-M, Michael Schumacher’s Monaco Grand Prix-Winning Ferrari F2001 broke the auction record for a modern era F1 car following a 6-min battle between 8 bidders represented by both Sotheby’s and Sotheby’s specialists. This is the 1st time a Ferrari or any car was presented for sale as Fine Art.
  • 12% Y-Y Increase, on outstanding 96% of lots sold

“We are very pleased with tonight’s successful sale which achieved a total of $310.3 million in an historic week for the art market.” commented Grégoire Billault, Head of Sotheby’s (NYSE:BID)Contemporary Art Department in New York.

“With a 96% sell-through rate in a sale of more than 70 lots spanning 65 years, we delivered strong results for our consignors.

In a sign of a robust market, many of those clients entrusted us with works that had been in their collections for decades: a Bacon not offered on the market for 50 years, the Warhol Mao in the same collection for 45 years, and Lichtenstein’s Female Head unseen for 40 years.

We were also delighted to feature our largest and strongest ever group of works by female artists with records for Laura Owens and Lynette Yiadom-Boakye, as well as the great price for Louise Bourgeois’ Spider IV.”

Sale Take: $310,289,350 Estimate: $250,450,000 – 343,450,000

95.8% Sold by Lot

12% Increase on November 2016

HIGHLIGHTS

Appearing at auction for the first time, Francis Bacon’s Three Studies of George Dyerachieved

$38.6 million

  • Ahead of its unveiling in London earlier this autumn, the painting – one of only five triptychs of this intimate size – was last publically exhibited in Paris in 1967In its first appearance at auction, five bidders competed for Roy Lichtenstein’s Female Head; after six minutes of bidding, the final price was $24.5 million
  • Acquired just months after its execution in 1977 from Leo Castelli Gallery, a portion of the proceeds from tonight’s sale will benefit the Dungannon FoundationMao by Andy Warhol, held in the same private European collection since 1972, fetched $32.4 millionEmerging from the collection of Yoko Ono, with a portion of the proceeds benefiting the Spirit Foundations, Cabra by Jean-Michel Basquiat sold for $11 million
  • Acquired from Tony Shafrazi in 1993, this vibrant painting has been in Ms. Ono’s personal collection for nearly 25 yearsMAGNIFICENT GESTURES:MASTERWORKS FROM THE DIAMONSTEIN-SPIELVOGEL COLLECTIONWorks from the Diamonstein-Spielvogel Collection were 100% sold, bringing the running total for the collection to $54.7 million (estimate of lots offered this November: $39.2/55.3 million).
  • 66.7% of lots offered this evening sold above their high estimates, led by Mark Rothko’s Untitled, which entered the collection nearly 35 years ago, selling for $6.4 million
  • There was spirited bidding throughout the 24 lots offered this evening, including for Jasper Johns’s Flag, which sold online.TO LIVE WITH ART: PROPERTY FROM THE JEROME & ELLEN STERN COLLECTIONAll 6 lots offered this evening sold, totaling $16.5 million (estimate $10.1/13.5 million); over 50 lots will be offered in tomorrow’s Contemporary Art Day Auction.
  • Personally selected by Jerome Stern in 1969, David Smith’s Voltri-Bolton X led the group with a final price of $8.7 million (estimate $6/8 million).FEMALE ARTISTSThe largest and strongest group of works by female artists ever offered in a Sotheby’s Contemporary Evening Auction featured:
  • Louise Bourgeois’s Spider IV set a new record for a wall-mounted spider when it fetched$14.7 million (estimate $10/15 million).
  • There were over ten bidders for Laura Owens’s Untitled, which soared over its pre-sale estimate of $200/300,000 and sold for a final price of $1.8 million, shattering her previous auction record of $336,500.
  • Lynette Yiadom-Boake’s The Hours Behind You also set a new record for the artist after with a final price of $1.6 million, over four times its high estimate after it was sought by 8 bidders.2001 FERRARI F2001Sold for $7.5-M, Michael Schumacher’s Monaco Grand Prix-Winning Ferrari (NYSE:RACE) F2001 broke the auction record for a modern era F1 car following a six-minute battle between eight bidders represented by both RM Sotheby’s and Sotheby’s specialists.
  • Curated by RM Sotheby’s, this was the first time a car has been offered at a Sotheby’s art auction.SALE OVERVIEW
  • 84.7% of works in tonight’s sale appeared at auction for the first time
  • Seven auction records were set this evening including:
    • World auction records for Laura Owens and Lynette Yiadom-Boakye
    • World auction record for a modern-era Formula One car
    • Record for a wall-mounted spider for Louise Bourgeois
    • Records for works on paper by Jean Dubuffet and Jasper Johns
    • Record for a painting by Robert Indiana

In a sign of the art market’s increasingly digital shift, we saw online bidders competing with those in the room and on the phone throughout the sale, including for Jeff Koons’s New Hoover Celebrity IV, which sold to an online bidder for $6.4 million.

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News & Video: http://www.sothebys.com/en/news-video.html Twitter:www.twitter.com/sothebys

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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