Results: Sotheby's London Contemporary Art Evening Sale

On Wednesday evening Sotheby's London held its contemporary art sale.  From the posted results, the sale seems to have been only fairly received, hitting the low end of the pre sale estimate and with nothing really rising to the top or breaking out of the pack.

The sale totaled $116.86 million including buyers premiums, against a total pre sale estimate range of $100.73 million to $144.24 million.The sale ovvered 68 lots with 53 selling for a fair sell through rate of 77.9%, the sale sold 84.5% by value.  The top selling lot was Three Studies of Isabel Rawsthorne, 1966 by Francis Bacon, selling for $17.4 million including buyers premium agianst a pre sale estimate of $15.28 million to $22.87 million.  Of the top ten sales, 5 were above the high estimate, four were between the pre sale estimates and one was below.

Sotheby's reported on the sale

26TH JUNE 2013 – Tonight, the opportunity to acquire landmark works for their collections bought bidders from 38 countries to compete at Sotheby’s London. The Contemporary Art Evening Auction realized £75.8 million, with an average lot value of £1.43 million – one of the highest figures for this category in London.

Leading the sale were two works by Francis Bacon. The 1966 triptych portrait of his friend, muse and lover Isabel Rawsthorne sold for £11,282,500, while the first work the artist ever sold, his historic Head III wasbattled for by six collectors, driving the price to £10,442,500 (est. £5-7m). Fifty-four years ago, just across the road from Sotheby’s at the Hanover Gallery in St. George Street, the same work fetched £150 at Bacon’s first ever commercial show.

 Participation from 38 countries - among highest levels ever for a London Contemporary Art Sale
 More than one-in-ten registered bidders came from new markets
 New auction records established for:
Pierre Soulages, Peinture, 21 novembre 1959 - £4,338,500, doubling low estimate (£2-3m)
 Record for any living French artist at auction
Thomas Struth, Pantheon, Rome - £818,500 (est. £400,000-600,000)
 More than five times the price achieved for the work in 2000
Hurvin Anderson, Beach Scene - £302,500, double the high estimate (est. £100,000-150,000)
 Average Lot Value £1.43 million –one of the highest figures for a Contemporary sale in London
 Over 90% lots sold achieved prices at or above presale estimates
 2 lots over £10 million
 21 lots over £1 million

Source: Sotheby's