A portrait capturing the essence of British painter Francis Bacon's great love fetched an impressive $27.7 million at the recent Sotheby's spring sales in New York. It surpassed the combined total of $234.6 million from the first night of contemporary art auctions.
The portrait, however, fell slightly short of the estimated range of $30 million to $50 million set by the auction house.
Among the evening's standout moments was the recognition of American painter Joan Mitchell, whose contributions have significantly elevated the value of paintings by female artists. Her masterpiece, 'Noon' fetched over $22.6 million, reinforcing a trend observed last November when two works by American abstract expressionist artists garnered over $20 million each for the first time. Mitchell's work achieved a record-breaking $29.1 million.
The evening witnessed several other milestones, including the sale of an Andy Warhol and Jean-Michel Basquiat collaboration for a record $19 million, marking the highest sum ever paid for this artistic collaboration. Additionally, a piece by Lucio Fontana fetched nearly $23 million, representing the largest amount ever paid for an Italian artist at auction. Frank Stella's sculpture also commanded over $15 million.
The auction also celebrated the legacy of African-American artist Faith Ringgold, whose recent passing did not diminish the enthusiasm for her work. Her artwork sold for nearly $1.5 million, tripling her previous record.
Anticipating the upcoming Wednesday modern art auction at the auction house of French-Israeli Patrick Drahi, one can expect a prestigious lineup of artworks by renowned artists including Leonora Carrington, Claude Monet, Pablo Picasso, Alexander Calder, and René Magritte.
The art market had a 14% decline in sales last year, with $14.9 billion in sales, compared to 2022. However, online transactions increased by 285%. Sotheby's hopes to raise between $549 and $784 million this week in New York after the good results in Europe, with American investors and collectors leading the way, closely followed by Asian buyers.
