Sotheby’s London Modern and Contemporary Sale Raises £83.6m: Is the Summer Auction Season Ending?
London’s summer auction week started with Sotheby’s Modern and contemporary evening sale. The season’s relevance in the global auction calendar has been overshadowed by larger sales in March and October. Christie’s opted out of holding a June evening sale in London this year. The recent layoffs at Sotheby’s and Christie’s have added to the uncertainty in the market.
The evening sale at Sotheby’s drew a total of £71.8m (£83.6m with fees), falling short of last year’s total. Jean-Michel Basquiat’s triptych, “Portrait of the Artist as a Young Derelict,” was one of the top lots, selling for £15m (£16m with fees). Oliver Barker oversaw the offering of works from the collection of Ralph I. Goldenberg, which received a warm reception.
However, the second half of the sale saw some lots hammering below their estimates, including Picasso’s “Guitare sur un tapis rouge” and Mark Grotjahn’s canvas. Despite the slippage in sales totals, Helena Newman and Michael Macaulay maintain that London’s June auction season is here to stay.
The market is evolving, with London proving it can sustain three auction seasons a year. International collectors coming to London for various events also contribute to the continued presence of June auctions. The sale highlighted the need for innovation and excitement in the art market to attract buyers and maintain interest in auctions.
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Cillian O’Rourke, studied at the National College of Art and Design in Dublin, Ireland, where he majored in Visual Communication. His work spans graphic design, illustration, and branding, with a distinct minimalist style that emphasizes simplicity and impact. Cillian has collaborated with international brands and runs his own design studio focusing on creative solutions for startups.