Sotheby’s Mid-Season Contemporary Curated Auction Nets Nearly $20 Million
The recent Sotheby’s Contemporary Curated sale in New York on February 26 saw a significant decrease in the number of lots, with only 101 items up for bidding. Despite this reduction, the live auction still managed to rake in an impressive $19.88 million, including fees.
Last year’s Contemporary Curated sale in March had a much larger pool of items, with a total of 276 lots. However, this year’s sale boasted a higher sell-through rate of 73.3 percent, compared to 75.7 percent in the previous year. With 21 unsold lots and six withdrawals, the sale this season showcased a deliberate effort to curate a more exclusive selection of works.
The sharp contrast in the number of lots from one year to the next resulted in a 64 percent decline, yet the sales only dipped by 22.7 percent. Surprisingly, over half of the works sold above their high estimates, with fees. The global appeal of the auction was evident, with bids pouring in from over 40 countries, marking an 11 percent increase from the previous year.
Challenges and Misconceptions
Reflecting on the decline in lots, assistant vice-president and head of sale, Haleigh Stoddard, addressed misconceptions surrounding the auction’s intentional reduction. Stoddard emphasized that the smaller selection was a strategic move to feature a more refined and high-value collection, focusing on pieces valued at $300,000 to $400,000.
Stoddard shared, “It was really a goal for us to limit our volume this season, and I think we did that really successfully with higher quality works. Our buyers responded well, and we’ve only heard positive things from the participants in the auction today.” She expressed the auction house’s commitment to continuing this trend of fewer lots of higher value throughout the year.
The auction took place amidst a backdrop of art market fragmentation, geopolitical conflicts, tariffs, and economic uncertainties. Notable pieces from esteemed artists like Diane Arbus, Damien Hirst, and Andy Warhol remained unsold. However, the sale showcased a positive response to works by female artists, including Louise Bourgeois, Olga de Amaral, Annie Morris, and Firelei Báez.
Top Lots and Unexpected Surprises
The star of the auction was an untitled oil on canvas painting by Joan Mitchell from 1985, which fetched an impressive $3.95 million. Stoddard described it as an extraordinary sale for a mid-season event, underscoring Mitchell’s enduring appeal in the art world. Another standout piece was George Condo’s Artist and Muse (2015), which soared to $1.88 million amid fierce bidding.
A surprising highlight was the competitive battle for Louise Bourgeois’ Are you in Orbit? (2008), which exceeded expectations by selling for $920,750, more than triple its high estimate. Similarly, Olga de Amaral’s wool and horsehair sculpture, Hojarasca Barbas de piedra (1973), commanded a staggering $444,500, far surpassing its initial valuation.
Annie Morris’ Bronze Stack 3, Cadmium Red (2023) and Firelei Báez’s Patterns of Resistance (2015) also captured attention, selling for $228,600 and $114,300, respectively. Mel Bochner’s Blah Blah Blah (2014) made a poignant statement, fetching $57,150 shortly after the artist’s passing.
In conclusion, Sotheby’s Mid-Season Contemporary Curated Auction was a testament to the enduring allure of art, with both buyers and sellers finding common ground in the pursuit of creativity and culture. As the art world continues to evolve amidst various challenges, the value of artistic expression remains unwavering, connecting people from diverse backgrounds through shared admiration for exceptional works of art.
