Sotheby’s Modern and Contemporary Evening Sale in London Sees 40% Drop in Revenue Compared to Last Year
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The recent Modern and contemporary evening sale at Sotheby’s in London did not meet the high expectations set by previous auctions. With 60 lots sold for £82.2m (£99.7m with fees), the results fell short of last year’s figures. Despite a 90% sell-through rate, the auction saw cautious consignors withdrawing 14% of the works, including a Blue Period Picasso portrait and a Josef Albers painting. The star lot of the night was a Picasso painting, “Homme à la pipe,” which fetched £11.7m (£13.7m with fees) after a fierce bidding war. The auction also saw records being set for artists like Takako Yamaguchi and Victor Man. The evening ended on a high note with strong prices for works like René Magritte’s “Composition on a sea shore.” While the market remains cautious, the upcoming auctions at Christie’s and Phillips may provide a clearer picture of the art market’s trajectory in 2023.
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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.