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Led by a $35 million Francis Bacon self portrait study and a
$36.7 million Cy Twombly canvas, the sale took in $242.2
million, well within the pre-sale estimate range. Just two of 44
works on offer failed to sell.
Neither of the two star lots had ever been auctioned, bearing
out the prevailing wisdom that despite uncertain times, top
quality works fresh to the market can perform well. The Bacon
beat its high estimate, though the Twombly fell just short.
Driven in part by what Sotheby's said was its highest-ever
number of registered bidders from Asia, the sale saw spirited
and competitive bidding both in the salesroom and via telephone.
A record was set for Sam Francis, whose "Summer #1" fetched
$11.8 million, just shy of its high estimate.
Most lots sold for within or above estimates, and Sotheby's
officials were clearly pleased.
"It was a fundamentally different room" from those seen at many
top-tier sales of late, said Oliver Barker, Sotheby's' deputy
chairman Europe, who served as auctioneer.
"Sustained bidding from colleagues in Asia as well as Europe and
the U.S." helped drive the result, added Grégoire Billault, New
York head of contemporary art, who noted that the sale was
tailored "to the market's current taste."
Sotheby's announced that two lots, including an untitled work by
Christopher Wool which sold for $13.9 million and achieved the
night's fourth-highest price, were bought by Japanese
businessman Yusaku Maezawa.
On Wednesday Christie's identified Maezawa as the buyer who paid
a record-setting price for Jean-Michel Basquiat's untitled
self-portrait, which soared to $57.3 million against an estimate
of about $40 million.
The collector also spent heavily on Adrian Ghenie's "Self
Portrait as Vincent Van Gogh," paying $2.6 million for a work
estimated at just $200,000 to $300,000.
Other highlights included an untitled Alexander Calder mobile
which soared to $8.3 million including Sotheby's' commission of
just over 12 percent, more than double its high estimate. A late
Twombly, "Bacchus 1st version V," went for $15.4 million.
The spring sales wrap up on Thursday with Christie's auction of
Impressionist and modern art.
(Editing by Simon Cameron-Moore)
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