Auction Analysis: Sotheby’s – Contemporary Art Day Auction

July 7, 2015

An exciting Thursday evening at Sotheby’s in London! On July 2nd, Sotheby’s hosted Contemporary Art Day auction, where we saw some quite remarkable auction results. The auction gathered $22.310.928, with some amazing sales that marked the evening. The auction itself saw some famous artworks with examples from the established masters such as Yves Klein and Gunther Uecker together with formative works by Sigmar Polke and Tom Wesselmann, amongst many other strong pieces that are fresh to the market and highly sought-after. Some eighty-two percent of lots offered were sold, which is quite good result.

The Star of the Evening - Lucian Freud

Among many great results of the Contemporary Art Day auction at Sotheby’s, the sale of four Lucian Freud ’s pieces certainly marked the event. These four pieces were sold for much higher price from their high estimates. For example, Freud’s Cache Of Seven Letters From Lucian Freud To Stephen Spender was sold for $140,563, topping the high estimate for incredible 2900.3 percent. Similarly, the artist’s Letter From Lucian Freud To Stephen Spender was sold for $421,689 (+2150 percent from high estimate).

The Overview of Sotheby’s – Contemporary Art Day Auction

Sotheby’s Contemporary Art Day Auction was marked by some impressive results. We have already mentioned the sale of two Lucian Freud’s pieces that were sold for much higher price from their high estimates. Additionally to these two works by this great artist, we should also mention the sale of his Letter From Lucian Freud To Stephen Spender (sold for $390,453; topping the high estimate for 1983.3 percent) and the sale of an artwork with the same name as previous one, that was sold for $327,980 (+1300 percent from high estimate). When it comes to high prices, the winner of the auction is Peter Doig, whose work Bird House (Small), sold for $1,374,393. Eduardo Chillida’s Sonora was sold for $796,523; while Lucio Fontana’s Concetto Spaziale, Attesa was sold for $616,915. Out of 288 offered at Sotheby’s Contemporary Art Day Auction, 236 were sold (or 81.9 percent), which is quite good result.

However, some pieces did not meet expectations. For example, Israel Lund Untitled was sold for -50 percent difference between hammer price and low estimate, followed by two Piotr Uklanski’s works - Untitled (Foliage) and Untitled (Gtx C) that also had -50 percent difference.

Luis Fieto - Nº 132 (Lot 179). Estimated at $78,091-$109,327'; sold for $115,574
Luis Fieto - Nº 132 (Lot 179). Estimated at $78,091-$109,327'; sold for $115,574

Gerhard Richter - Untitled (Lot 112). Estimated at $124,945-$187,417' sold for $203,035
Gerhard Richter - Untitled (Lot 112). Estimated at $124,945-$187,417' sold for $203,035

Lucian Freud - Cache of Six Letters from Lucian Freud to Stpehen Spender (Lot 202). Estimated at $3,124-$4,685; sold for  $140,563
Lucian Freud - Cache of Six Letters from Lucian Freud to Stpehen Spender (Lot 202). Estimated at $3,124-$4,685; sold for $140,563

Results of Sotheby’s – Contemporary Art Day Auction

Please, scroll down, and you will find two tables – one with the summary of the Sotheby’s – Contemporary Art Day Auction; the second one with detailed information on every lot auctioned at this auction.

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Featured Images:

Gerhard Richter Vermalung(Braun), detail (Lot 187)

Antony Gormley - Construct II (Lot 322)

Image in Slider:

Damien Hirst - Shone Fornjot Manie Gemalde, detail (Lot 217)

All images courtesy of Sotheby's.

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