Sotheby's Posts $433 Million Haul, as Trophy Lots Continue to Carry the Market

Sotheby’s May auctions in New York opened strongly with $433.1 million sold in three hours, exceeding last spring’s results by 132.7 percent despite fewer lots. The evening featured an 11-lot Mnuchin collection sale backed by guarantees, led by Mark Rothko’s monumental hammered work selling for $74 million, or $85.8 million with buyer’s fees. The Mnuchin sale generated $166.3 million with fees and accounted for about 40 percent of the night’s total, while the main contemporary auction totaled $266.8 million. More than 80 percent of the value was guaranteed, and the total fell within Sotheby’s presale range. Four works went unsold and one was withdrawn, producing a 91 percent sell-through rate, with additional Rothko sales and a forthcoming Rothko at Christie's.

"New York's marquee May auctions got off to a strong start at Sotheby's on Thursday, where $433.1 million worth of art sold in three hours. That's 132.7 percent more than the same sales last spring, despite the fact that there were fewer lots on offer, underscoring the art market's top heaviness as it recovers from more than three years of contraction."

"The trove, all backed by guarantees, featured the top lot of the evening, Mark Rothko's monumental hammered for $74 million, just above its $70 million low estimate. Factoring in buyer's fees, it totaled $85.8 million. Sotheby's owner, French telecoms tycoon Patrick Drahi, watched excitedly from the back of the room as the hammer fell."

"The Mnuchin sale brought in $166.3 million with fees-roughly 40 percent of the night's entire haul-while the main contemporary art evening auction, which included "The Now" sale, totaled $266.8 million. The auctions were more than 80 percent guaranteed by value, so it's no surprise the $433.1 million total fell squarely between the house's $321.1 million-$446.6 million presale estimate."

"Four works went unsold, and one- Alice Neel's Timothy Collins (1971)-was withdrawn mid-auction, yielding a 91 percent sell-through rate. It was a Rothko-heavy night, in the end, with a 1949 painting, also from Mnuchin's collection, selling for $20.8 million. Later on, a moody black-and-purple untitled work-the last of four pieces from the from Jean and Terry de Gunzburg collection-sold for $16.5 million after a bit of labored bid drawing from auctioneer Oliver Barker."

Read at Artnet News