Sotheby's Hauls In $304 Million at Modern Art Auction, as Market Momentum Continues | Artnet News

Sotheby's sold $303.9 million worth of modern art in New York, with results described as solid but not exceptional. The auction included an auction record for René Magritte's 1955 painted bottle, Femme-bouteille, featuring a female nude, from the collection of Sybil Shainwald. The sale also featured major works by Henri Matisse, Pablo Picasso, and Vincent van Gogh, with steady bidding driven by conservatively priced material from smaller estates. The total increased 63% from a similar sale a year earlier and fell within the $242 million to $320.2 million estimate. Most lots had irrevocable bids, two were withdrawn, and only one failed to sell, producing a 97.6% sell-through rate. Top results included Matisse's La Chaise Lorraine at $48.4 million and Picasso's Arlequin (Buste) at $42.6 million, while a Van Gogh drawing sold for $29.4 million.

"Titled Femme-bouteille, the bottle in question was painted by René Magritte in 1955 with a female nude across its surface. The work was part of the collection of Sybil Shainwald, a female health lawyer who died last year. It was one of the more unusual objects in the auction, which was led by more traditional works by Henri Matisse, Pablo Picasso, and Vincent van Gogh."

"While Christie's $1.1 billion night on Monday was dominated by blockbuster lots from the mega collections of S.I. Newhouse and Agnes Gund, Sotheby's leaned into smaller estates, with fresh, conservatively priced material that drew steady bidding. The sale's total was a 63 percent increase from that of a similar auction a year ago and squarely within its $242 million to $320.2 million estimate."

"With most works backed by irrevocable bids and two lots withdrawn, only one work failed to sell during the auction, resulting in a 97.6 percent sell-through rate. The top lot was La Chaise Lorraine (circa 1919) by Matisse, a painting of a wooden chair holding a plate with three peaches. It fetched $48.4 million, surpassing its $25 million estimate."

"Picasso's Arlequin (Buste), from the collection of Adele and Enrico Donati, sold for $42.6 million, in line with its presale estimate. An 1888 Van Gogh drawing, La Moisson en Provence, consigned anonymously by California collector Greg Renker, went for $29.4 million, also within its estimate of $25 million to $35 million. (Final prices include fees, estimates don't.)"

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