Sotheby’s recent Modern and Contemporary Evening Sale in London, which generated a total of £62.5 million (AUD 122.6 million), offers a hopeful glimpse into the art market’s recovery after a period of volatility. With a lineup of highly anticipated lots, the sale not only approached its £66 million high estimate but also exhibited energy in the auction room reminiscent of the market’s more extravagant years.

Signs of Optimism in the Air

Leading up to the sale, optimism began to stir within the walls of Sotheby’s, despite the company’s challenges over the past year. After enduring rounds of corporate restructuring and public missteps, including a controversial overhaul of its fee structure, there was cautious hope that the market was poised to turn a corner. Auction specialists, who gathered at The Windmill, a nearby pub before the event, seemed to share a quiet but palpable confidence.

“We’ve certainly noticed that the mood feels positive, and collectors are ready to dive into the new year,” said Ottilie Windsor, Sotheby’s co-head of contemporary art in London. The turnout reflected this optimism, with a packed salesroom and a buzz in the air as the auction kicked off.

A Strong Performance with High-Profile Sales

The evening featured an impressive 90% sale rate of the 38 lots, with a few notable withdrawals, including Gerhard Richter’s Heu (1995), which was estimated at £5 million to £7 million but did not reach the auction block. Despite the absence of this high-profile piece, the sale continued with a series of high-energy bids, setting the tone for a successful evening.

Among the standout lots was Cosmic Eyes (in the Milky Lake) (2005) by Yoshitomo Nara, which sold for £9 million—well above its high estimate of £8 million. This iconic painting captivated the audience throughout the week as it sat in the galleries, drawing attention with its mesmerising, glistening eyes. The bidding war that followed proved the enduring appeal of Nara’s work. Another highlight was After Embah (2018) by Lisa Brice, a bold piece that reimagines the male gaze, which sold for £5.4 million, more than doubling her previous auction record.

Banksy and Max Ernst Draw Strong Interest

Banksy’s Crude Oil (Vettriano) (2005), consigned by Blink-182 bassist Mark Hoppus, also captured considerable attention, ultimately selling for £4.3 million, just shy of its high estimate. The work gained added poignancy with the recent passing of the Scottish painter Jack Vettriano, whose iconic image served as Banksy’s inspiration for the piece. This work was also notable for Sotheby’s offering the ability to purchase it using cryptocurrency, marking a modern touch in the auction world.

Max Ernst’s Moonmad (1944), a surrealist masterpiece, exceeded its £800,000 high estimate, selling for £2.1 million, while Roy Lichtenstein’s Peanut Butter Cup (1962) edged past its AUD 1.56 million low estimate, illustrating that iconic pieces from the mid-20th century are still in high demand.

Sculpture Shines with Strong Results

The evening also saw strong performances from sculpture, with Auguste Rodin’s Éternel printemps (1883) selling for £1.3 million—surpassing its high estimate. The momentum continued with Constantin Brancusi’s L’Oiseau d’or (1981), which sold within its estimate for £3.3 million, and Anthony Gormley’s State VIII (2012), which doubled its high estimate to sell for £508,000.

A Positive Mood for the Future of the Market

By the end of the evening, the crowd was visibly lighter, but the sense of accomplishment was undeniable. The results reinforced the notion that the art market, though battered in recent years, has begun to show strong signs of recovery. Sotheby’s CEO, Charlie Stewart, expressed his satisfaction with the sale, noting that the evening’s results were “good for London” and reflected a renewed sense of positivity within the art world.

Collectors’ Confidence and the Road Ahead

For the collectors present, the success of the sale provided both excitement and reassurance. As one American collector congratulated a buyer on his successful purchase of Portraits (2015) by Nicolas Party for AUD 416,520, it was clear that the market was not only recovering but continuing to thrive, signalling a hopeful future for both buyers and sellers alike.

This sale serves as a reminder that, even amidst challenges, the art market remains resilient, and the passion for collecting continues to drive its revival. The atmosphere in the room and the outcomes of the evening underscore the enduring value of modern and contemporary art, ensuring that Sotheby’s and the broader market will remain at the forefront of the global art scene.

Written By: Lydia Kelly

Published: 6th March 2025