Freud Portrait of Hockney Makes $20.7 M. in Sotheby’s $216 M. London Gross sales
Sotheby’s staged its marquee British and Fashionable Artwork gross sales as we speak in London. The back-to-back gross sales led by Sotheby’s veteran auctioneers Oliver Barker and Helena Newman made £156.2 million ($217 million) mixed throughout 83 tons, touchdown inside the pre-sale estimate £119.7 million-£170.3 million ($165.8 million–$235.9 million) and seeing an 88 p.c sell-through price.
The end result was up 12 p.c from final June’s $193 million “Rembrandt to Richter” sale in London, the place the public sale home first debuted its hybrid public sale mannequin combining works starting from Previous Masters to works made in the previous couple of years. Alex Branczik, Sotheby’s head of up to date artwork in Europe, described the collection as “a heady mixture of one of the best of the bodily and the digital—a type of prime flight public sale 2.0” in an announcement following the sale.
Main the British fashionable artwork portion of the sale was a portrait of David Hockney by Lucian Freud from 2002 that went for £14.9 million ($20.7 million) with purchaser’s premium. 5 telephone bidders from New York, London and Asia competed for the assured work. After a 10-minute lengthy bidding struggle, the hammer ultimately fell at £12.8 million ($17.7 million), simply above its £12 million ($16.6 million) excessive estimate. The small work went to a collector based mostly in London bidding on the telephone with Sotheby’s London up to date artwork specialist James Sevier. The portrait is now the sixth-most costly work by Freud to ever promote at public sale.
A bunch of 21 works had been consigned by the New York-based Speyer Household Belief, comprising the holdings of New York actual property mogul and former Museum of Fashionable artwork chairman Jerry I. Speyer, who appeared on ARTnews’s Prime 200 collectors record in 2020. Among the many works had been examples by Elizabeth Peyton, Damien Hirst and Jeff Koons, which had been estimated to promote for £23 million ($32 million). The group got here to the sale with a assure and accounted for half of all of the assured works on supply. Collectively the Speyer works introduced in £28.2 million ($39.7 million), making up 18 p.c of the overall for the night.
One of many sale’s prime tons was Wassily Kandinsky’s summary portray Tensions calmées (1937). It final bought at public sale in 1964 at a Sotheby’s sale of fifty Kandinsky work from the gathering of Solomon R. Guggenheim for £10,000. Since then, it had remained in the identical personal American household assortment. On Tuesday, it realized £21.2 million ($29.5 million) with purchaser’s premium this week, assembly its $25 million excessive estimate.
Filling out the highest sellers was Pablo Picasso’s vibrant late-period double-figure portrait Homme et femme au bouquet (1970), which is claimed to be a picture of the artist and his final spouse Jacqueline Roque. It attracted consideration amongst two bidders in Asia, with the hammer falling at a value of £8 million ($11.1 million), under the low £8 million estimate, to Sotheby’s Asia chairman Patti Wong’s bidder. The ultimate value was £9.4 million ($13 million). The customer on the telephone with Wong, bidding with paddle quantity 164, went on to grab up one other two works by Edgar Degas depicting nude bathers for a collective £4.62 million ($6.4 million) with purchaser’s premium.
A medium-sized untitled Cy Twombly portray from 1964 manufactured from oil, wax, crayon, and graphite on canvas bought for an above-estimate hammer value of £6.6 million ($9.2 million) and a last value of £7.8 million ($9.2 million). It attracted bids from New York and London, ultimately going to a purchaser on the telephone with Sotheby’s senior director of worldwide enterprise growth Alina Davey.
Two works by Andy Warhol generated among the day’s prime gross sales. The Pop grasp’s silkscreen on linen work Back and front greenback payments (1962) bought for £6.6 million ($9.2 million) with premium at a under estimate hammer value of £5.7 million ($7.9 million). One other silkscreen on canvas by Warhol titled 9 Gold Marilyns from 1980 went for a hammer value of £5.5 million ($7.6 million). The result’s a loss from its earlier public sale value of $9.1 million achieved throughout a Phillips New York up to date artwork night sale in 2013. Tuesday’s result’s nearer to, however nonetheless decrease than, the $7.9 million it bought for in its first look at public sale in 2011 at Phillips.
Bidding was largely tame as a big portion of the gross sales’ tons had been secured with ensures. In consequence, only one public sale report was set throughout each gross sales, when Dame Magdalene Odundo’s ceramic vase from 1986 bought for a last value of £378,000 ($524,900), greater than 4 instances its £60,000 ($83,000) estimate. One other lot that noticed lively bidding was Frank Auerbach’s portrait of artwork critic Robert Hughes, which the artist accomplished whereas Hughes was writing a monograph on Auerbach. The work bought for £302,400 ($419,882), thrice the £100,000 ($138,490) low estimate.
One other prime consignor to floor in Tuesday’s sale was Swiss vineyard magnate Donald Hess. Hess’s black-mirrored four-panel work by Gerhard Richter from 1992, which he has owned for 3 many years, finally failed to draw consideration main as much as the sale. Slated with a pre-sale low estimate of £1.2 million ($1.66 million) it was withdrawn earlier than the beginning of the second sale.