Whom You Know: Sotheby’s Results: Contemporary Art Achieves $12 Million in New York

Monday, March 12, 2012

Sotheby’s Results: Contemporary Art Achieves $12 Million in New York

Today’s auction of Contemporary Art at Sotheby’s New York exceeded its pre-sale high estimate of $11.6 million in achieving a strong total of $12,040,750, which marks the highest result for a mid-season sale of Contemporary Art at Sotheby’s since spring 2008. The auction was 79.7% sold by lot, and was led by the Untitled Film Still #21by Cindy Sherman that set a new record for an original-size film still by the artist when it sold for $746,500 – nearly four times its $200,000 high estimate. The work is numbered one of an addition of ten, and was acquired from the artist by the family of the present consignor.

“We are thrilled with the results of today’s sale, which exceeded our expectations and brought a number of strong prices throughout the day,” commented Jennifer Roth, Head of Sotheby’s Fine Arts department, and Erica Barrish, Senior Specialist in Sotheby’s Fine Arts department. “The auction was highlighted by a significant selection of works by post-war and contemporary American artists, and today’s results demonstrate the strength of both American artists and American collectors in this global market. Works from across a wide range of styles and mediums performed well throughout the day, from photographs and Abstract Expressionist works, to pieces by California-based artists and Asian artists.”

“We were very pleased to see a number of works well-exceed their pre-sale estimates, led by the remarkable result for the Cindy Sherman film still as well as Gerhard Richter’s oil on paper Montag that brought $548,500 above a high estimate of $350,000, and Alexander Calder’s Wichita Mobile (Maquette) from circa 1973 that sold for $442,500 above a high estimate of $300,000. It was an honor to present Ruth Asawa’s historic and powerful Untitled (S.407), which achieved $278,500 above a high estimate of $180,000. Works by the highly-regarded artist are scarce and coveted by connoisseurs, and we are pleased with the present work’s result.”

http://www.sothebys.com/en.html

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