{"id":955,"date":"2021-07-01T08:20:24","date_gmt":"2021-07-01T00:20:24","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=955"},"modified":"2021-06-30T10:28:01","modified_gmt":"2021-06-30T02:28:01","slug":"freud-portrait-of-hockney-makes-20-7-m-in-sothebys-216-m-london-sales","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/freud-portrait-of-hockney-makes-20-7-m-in-sothebys-216-m-london-sales\/","title":{"rendered":"Freud Portrait of Hockney Makes $20.7 M. in Sotheby\u2019s $216 M. London Sales"},"content":{"rendered":"

Sotheby\u2019s staged its marquee British and Modern Art sales today in London. The back-to-back sales led by Sotheby\u2019s veteran auctioneers Oliver Barker and Helena Newman made \u00a3156.2 million ($217 million) combined across 83 lots, landing within the pre-sale estimate \u00a3119.7 million-\u00a3170.3 million ($165.8 million\u2013$235.9 million) and seeing an 88 percent sell-through rate.<\/p>\n

The result was up 12 percent from last June\u2019s\u00a0$193 million \u201cRembrandt to Richter\u201d sale<\/a>\u00a0in London, where the auction house first debuted its hybrid auction model combining works ranging from Old Masters to works made in the last few years. Alex Branczik, Sotheby\u2019s head of contemporary art in Europe, described the series as \u201ca heady mix of the best of the physical and the virtual\u2014a kind of top flight auction 2.0\u201d in a statement following the sale.<\/p>\n

Leading the British modern art portion of the sale was a portrait of\u00a0David Hockney<\/a>\u00a0by\u00a0Lucian Freud<\/a>\u00a0from 2002 that went for \u00a314.9 million ($20.7 million) with buyer\u2019s premium. Five phone bidders from New York, London and Asia competed for the guaranteed work. After a 10-minute long bidding war, the hammer eventually fell at \u00a312.8 million ($17.7 million), just above its \u00a312 million ($16.6 million) high estimate. The small work went to a collector based in London bidding on the phone with Sotheby\u2019s London contemporary art specialist James Sevier. The portrait is now the sixth-most expensive work by Freud to ever sell at auction.<\/p>\n

A group of 21 works were consigned by the New York-based Speyer Family Trust, comprising the holdings of New York real estate mogul and former Museum of Modern art chairman\u00a0Jerry I. Speyer<\/a>, who appeared on\u00a0ARTnews<\/em>\u2019s Top 200 collectors list in 2020. Among the works were examples by Elizabeth Peyton, Damien Hirst and Jeff Koons, which were estimated to sell for \u00a323 million ($32 million). The group came to the sale with a guarantee and accounted for half of all the guaranteed works on offer. Together the Speyer works brought in \u00a328.2 million ($39.7 million), making up 18 percent of the total for the evening.<\/p>\n

One of the sale\u2019s top lots was Wassily Kandinsky\u2019s abstract painting\u00a0Tensions calme\u0301es\u00a0<\/em>(1937). It last sold at auction in 1964 at a Sotheby\u2019s sale of 50 Kandinsky paintings from the collection of Solomon R. Guggenheim for \u00a310,000. Since then, it had remained in the same private American family collection. On Tuesday, it realized \u00a321.2 million ($29.5 million) with buyer\u2019s premium this week, meeting its $25 million high estimate.<\/p>\n

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\"Pablo<\/div>\n<\/div>
Pablo Picasso<\/a>,\u00a0Homme et femme au bouquet,1970.<\/em><\/span>SOTHEBY’S<\/p>\n

<\/cite><\/figcaption><\/figure>\n<\/div>\n

Filling out the top sellers was Pablo Picasso\u2019s vibrant late-period double-figure portrait\u00a0Homme et femme au bouquet\u00a0<\/em>(1970), which is said to be an image of the artist and his last wife Jacqueline Roque. It attracted attention among two bidders in Asia, with the hammer falling at a price of \u00a38 million ($11.1 million), below the low \u00a38 million estimate, to Sotheby\u2019s Asia chairman Patti Wong\u2019s bidder. The final price was \u00a39.4 million ($13 million). The buyer on the phone with Wong, bidding with paddle number 164, went on to snatch up another two works by Edgar Degas depicting nude bathers for a collective \u00a34.62 million ($6.4 million) with buyer\u2019s premium.<\/p>\n

A medium-sized untitled Cy Twombly<\/a> painting from 1964 made of oil, wax, crayon, and graphite on canvas sold for an above-estimate hammer price of \u00a36.6 million ($9.2 million) and a final price of \u00a37.8 million ($9.2 million). It attracted bids from New York and London, eventually going to a buyer on the phone with Sotheby\u2019s senior director of international business development Alina Davey.<\/p>\n

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Two works by Andy Warhol generated some of the day\u2019s top sales. The Pop master\u2019s silkscreen on linen work\u00a0Front and back dollar bills (<\/em>1962) sold for \u00a36.6 million ($9.2 million) with premium at a below estimate hammer price of \u00a35.7 million ($7.9 million). Another silkscreen on canvas by Warhol titled\u00a09 Gold Marilyns\u00a0<\/em>from 1980 went for a hammer price of \u00a35.5 million ($7.6 million). The result is a loss from its previous auction price of $9.1 million achieved during a Phillips New York contemporary art evening sale in 2013. Tuesday\u2019s result is closer to, but still lower than, the $7.9 million it sold for in its first appearance at auction in 2011 at Phillips.<\/p>\n

Bidding was largely tame as a large portion of the sales\u2019 lots were secured with guarantees. As a result, just one auction record was set during both sales, when Dame Magdalene Odundo\u2019s ceramic vase from 1986 sold for a final price of \u00a3378,000 ($524,900), more than four times its \u00a360,000 ($83,000) estimate. Another lot that saw active bidding was Frank Auerbach\u2019s portrait of art critic Robert Hughes, which the artist completed while Hughes was writing a monograph on Auerbach. The work sold for \u00a3302,400 ($419,882), three times the \u00a3100,000 ($138,490) low estimate.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Another top consignor to surface in Tuesday\u2019s sale was Swiss winery magnate\u00a0Donald Hess<\/a>. Hess\u2019s black-mirrored four-panel work by Gerhard Richter from 1992, which he has owned for three decades, ultimately failed to attract attention leading up to the sale. Slated with a pre-sale low estimate of \u00a31.2 million ($1.66 million) it was withdrawn before the start of the second sale.<\/p>\n

 <\/p>\n

 <\/p>\n

Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"

Sotheby\u2019s staged its marquee British and Modern Art sales today in London. The back-to-back sales led by Sotheby\u2019s veteran auctioneers Oliver Barker and Helena Newman made \u00a3156.2 million ($217 million) combined across 83 lots, landing within the pre-sale estimate \u00a3119.7 million-\u00a3170.3 million ($165.8 million\u2013$235.9 million) and seeing an 88 percent sell-through rate. The result was […]<\/p>\n","protected":false},"author":2,"featured_media":956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,13,7,4,3],"tags":[],"class_list":{"0":"post-955","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artist","8":"category-auction","9":"category-events","10":"category-gallery","11":"category-latest-news"},"yoast_head":"\nFreud Portrait of Hockney Makes $20.7 M. in Sotheby\u2019s $216 M. 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