Sotheby's proceeded with its June Modern and contemporary art sale in London despite facing a bearish market, unlike rival Christie's. However, the results were concerning with an overall net of £50.8m, falling short of the £55.2m to £81.1m pre-sale estimate, marking a 25% decrease from the previous year's results. Notable works, including Egon Schiele's portrait, failed to sell, raising concerns. Sotheby's head of Modern art, André Zlattinger, remains optimistic about private sales despite the disappointing public auction outcome.
"This was a little disappointing, especially as we'd had pre-sale interest in the work..." says André Zlattinger, Sotheby's head of Modern art, Europe.
"Sotheby's will secure a buyer privately..." — André Zlattinger expresses confidence despite the lack of purchases during the evening sale.
The evening netted £50.8m with an 87% sell-through rate, but fell short of pre-sale estimates, reflecting challenges in the current auction market.
Overall, the sale represents a 25% decrease from last year's equivalent sale, indicating a downturn in the modern and contemporary art market.
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