Sotheby’s notched a solid $408.5 million Modern art New York sale fueled by the reliable churn of blue-chip Monets and Picassos:
Sotheby's Modern art evening sale in New York on May 17, 2022. Image courtesy Sotheby's.
Bidding was particularly robust, if not quite frothy, for the blue-chip stars of the Modern and Impressionist periods. Auctioneer Oliver Barker opened the bidding around $46 million. A few $1 million bids bumped it up to $49 million, when, despite coaxing and ample time for further competition, the work was hammered down to Brooke Lampley, worldwide head of sales for global fine art at Sotheby’s. With premium, the final price was $56.6 million. , estimated at $20 million to $30 million.
Bidding opened around $55 million and reached $58.5 million , making it the evening’s top-priced lot. Barker acknowledged the winning bidder by name: “I see your bid, Amy. You used to work here, don’t be a stranger,” he said, referring to former Sotheby’s executive turned private advisor Amy Cappellazzo.Other high-profile lots in the sale were Impressionist masterpieces that came from the collection of the Toledo Museum of Art—the largest institutional deaccession of the season .
After tenacious bidding between Newman, a woman in the room, and other Sotheby’s specialists in New York and Hong Kong, Newman won it for $15.3 million with premium.Notable bidding wars for the night included Willem de Kooning’s, which was chased by multiple bidders well past the high estimate of $5 million, ultimately selling for $10.1 million with premium., blew past the $12 million high estimate , to sell for $17.
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