Before Sotheby’s contemporary art evening sale in London on Tuesday, the omens weren’t promising. The UK economy was struggling, an election loomed, and the art market was cooling. Adding to the uncertainty, Jean-Michel Basquiat’s 1982 painting “Portrait of the Artist as a Young Derelict” was listed with a $20 million–$25 million estimate, down from the $30 million estimate Christie’s gave it in 2022 before it was withdrawn. Few anticipated a blockbuster auction. The result, just over $105 million (including buyer’s premium) and $20 million short of the high estimate was met with determined optimism by Sotheby’s top executives. Were they relieved? Probably a little.
Similar to Sotheby’s last London contemporary evening sale in March, the outcome won’t plunge the house into despair amid ongoing talk of an art market “correction.” Simon Shaw, Sotheby’s vice chairman of global fine arts, told ARTnews the result was “solid” but noted the auction was “difficult to put together” because “people are short on reasons to sell at the moment.” The reluctance to sell was matched by a reluctance to spend big.
The bidding remained steady despite the hot, humid weather—around 90 degrees Fahrenheit in London. Several lots edged past their low estimates, thanks to the patience of auctioneers Oliver Barker and Helen Newman. During the sale of Lot 27, a landscape by Vilhelm Hammershøi that eventually sold for $834,669, a heckler (reportedly veteran columnist Danny Katz) shouted, “Put the hammer down!” Newman responded, “But she came from Asia!”
Ninety per cent of the lots sold, a figure on par with Sotheby’s results in New York during its marquee sales. The Basquiat triptych prevailed, selling for $20.2 million and becoming the evening’s top lot. Three works by Tamara de Lempicka, Loie Hollowell, and Emily Kam Kngwarray were withdrawn, while five failed to meet their reserve, including an untitled 1958 Robert Rauschenberg piece, estimated at $440,000 to $570,000.
Works from the late Chicago collector Ralph I. Goldenberg added over $16 million. Cy Twombly’s “Formian Dreams + Actuality” (1983) doubled its estimated $3.11 million. His “By the Ionian Sea” (1988) sold for $2.73 million, nearly double its high estimate of $1.5 million.
“Some excellent, efficient results, and some great surprises,” Tom Eddison, Sotheby’s senior contemporary art specialist, told ARTnews. “The depth of bidding on the Goldenberg collection captivated us and UK dealers and collectors alike.”
Regarding the softer market and the big three auction houses’ tilt toward Asia, Eddison was confident about London’s status. “No, I disagree with that notion. We are very passionate about London being a great platform. We had 35 different countries bidding tonight. For Sotheby’s, London remains the global hub for people coming to buy. We are resolute.”
Contemporary specialist Antonia Gardner echoed his sentiment. “Given that we just had a $100 million-plus sale here tonight, it doesn’t feel like we are losing our way,” she said.
London dealers, too, were generally upbeat. Elliot McDonald, Pace Gallery London’s senior vice president, told ARTnews via email before the auction, “We’re experiencing a market that’s becoming more selective in its acquisitions, yet the appetite for exceptional quality and exciting contemporary artists remains as strong as ever.” He noted that Pace sold significant works by Alexander Calder, Jean Dubuffet, Agnes Martin, and Kngwarray at Art Basel earlier this month. “The strong sales at our booth demonstrated the enduring vigour and enthusiasm in today’s art market.”
McDonald was optimistic about the future, adding, “The ongoing stability we’ve observed in the auctions offers reassuring evidence that the broader ecosystem is thriving.”
Will Hainsworth, cofounder and director of Palmer Gallery near London’s Edgware Road, said, “There’s a lot of doom-mongering going on, perhaps some of it justified by poor auction results. When you’re working with emerging artists, the price points are accessible to a range of collectors, and the enthusiasm to collect is there. London’s emerging gallery scene is a fascinating place at the moment.”
At the auction, a trio of lots by Alberto Giacometti incited a flurry of bidding, with the penultimate lot, “Figure, dite cubiste I” (ca. 1926), going for $2.28 million on an $884,000–$1.26 million estimate. Pierre-Auguste Renoir’s “Bouquet de Iilas” (1878) sparked a 10-minute bidding war and hammered for double its high estimate at $8.7 million, to cheers and whistles. Aside from Giacometti’s bronze sculpture, the excitement faded. When Lot 38 rolled around, Josh Baer of the Baer Faxt said the night “wasn’t exactly a home run” for Sotheby’s. Melanie Gerlis, the Financial Times’ art market columnist, described the sale as “flat.”
In the press room, Newman, the chairman of Sotheby’s Europe, expressed satisfaction. “I’m pleased with the result,” she told ARTnews. “We saw a depth of bidding on a complete range of works, including the red Lucio Fontana [Concetto spaziale, Attese, from 1966, which sold for $4.3 million] to Zdeněk Sýkora’s first appearance at an evening sale [Linie Nr.94, from 1992, which sold for $950,000].”
Sotheby’s modern and contemporary art day sales continue on Wednesday, featuring more works from the Goldenberg collection. Alex Katz’s “Danielle” (2020) and Peter Doig’s “Border Country” (1999) are estimated at $630,000–$880,000, and Andy Warhol’s 1980 portrait of Joseph Beuys is valued at $500,000–$750,000.
Contemporary sales at Phillips and Christie’s are set for Thursday, with top lots at Phillips including Lynette Yiadom-Boakye’s 2022 painting “Minotaur To Matador” (estimate $1.1–$1.9 million) and George Condo’s “Green and Purple Head Composition” (estimate $884,000–$1.1 million). The Christie’s sale is led by another Yiadom-Boakye work, “5 am Cadiz,” estimated at $758,000–$1 million.