‘Contemporary Art – evenings sales’ in London: £140 million

Having achieved a historic result in this sector on 16 May last in New York ($384,654,400), Christie’s opened the ball of the London contemporary art sales on 20 June with sale proceeds of £67,470,800 in 83 lots. The following day, Sotheby’s outstripped its competitor, selling 66 lots for a total of £72,427,600. In 2006, the total London proceeds of the two auction houses’ contemporary art evening sales amounted to close to £56 million.

At the Christie’s sale, Lucian FREUD achieved a new record with Bruce Bernard, which came from the collection of Elaine and Melvin Merians. This oil on canvas measuring 114.2 x 83.7cm was sold for £7 million (more than €10.3 million), buyer’s premium included. Christie’s thus beat the artist’s previous record, set in London four months earlier when it sold Man in a string Chair for £3.7 million (close to €5.4 million).

Another record was set by young generation artist Damien HIRST, whose Lullaby Spring, created in 2002, estimated at £3 million to £4 million by Sotheby’s, changed hands for £9,652,000 (more than €14 million), buyer’s premium included. The artist’s previous record had been established on 16 May last by the competitor auction house in New York which sold Lullaby Winter for $6.6 million (around €4.9 million).

No less than 25 artworks from Andy WARHOL had been presented the 20 and 21 June. Only three lots of the sixteen offered by Christie’s weren’t sold. One of his icons, Marilyn Monroe, raised £6,380,000 in three lots, including £5 million (€7.4 million) in just one sale for Three Marilyn. A lot of 10 Marilyn screen prints achieved £680,000 (more than €1 million), some $380,000 more than the 10 Mao screen prints. A Brigitte Bardot work from 1974 with a pre-sale estimate of £2.5 million to £3.5 million did not sell. At Sotheby’s, the 9 lots sold raised £4,432,000 (more than €6.54 million), buyer’s premium included. The work which was stolen in 1980 then recovered in 2007, 30 coloured Maos, achieved this sale’s best result for Andy Warhol, finding a buyer at more than a £1.2 million, buyer’s premium included (close to €1.9 million).

The headline lot in the Sotheby’s sale, a Francis BACONSelf-portrait, found a buyer at £21.58 million (€32,071,146), buyer’s premium included. This bid is yet lower than the artist record that have been set up by Sotheby’s New York on 15 May with Study from Innocent X which went for $47 million (more than €34.7 million)! Christie’s also sold the artist’s Two Men Working in a Field for £4.5 million (more than €6.6 million). Another artwork from the artist, Landscape with Car, saw the hammer come down at £3.8 million (more than €5.6 million). Those results ensue the evolution of the quotation of the artist : +337% between 1997 and 2007.

Still at Sotheby’s, we’d note a number of sales above the €2 million mark including £2.2 million (close to €3.3 million) for a Concetto Spaziale, Attese created by Lucio FONTANA in 1965. The work had already changed hands at Christie’s London on 25 June 1997 for £150,000 (€220,727). Two works by Gerhard RICHTER are worthy of mention: Stuhl, an oil on canvas measuring 2 metres square, which sold for £1.9 million (more than €2.8 million) and Teyde Landschaft which changed hands for £2.3 million (more than €3.4 million). Warrior by Jean-Michel BASQUIAT found a buyer at £2.5 million (more than €3.7 million). Finally, The Pope as seen by YUE Minjun achieved the record for a chinese contemporary artwork with a bid for £1.9 million (more than €2.8 million).