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ALMOST 342 MILLION USD FOR SOTHEBY'S SALE OF CONTEMPORARY ART
20 May 2019
Category : MARKET

Sotheby's sale of Contemporary art held on May 16 in New York yielded just under 342 million USD, far below the 538.9 million USD reaped by Christie's the previous night, with two works by Francis Bacon and one Rothko accounting for 115 million of that total.

56 of the 63 lots in the catalogue found buyers, producing a strong 89 percent sell-through rate with records for Carl André, Kenneth Noland, Lee Krasner,Charles Gaines, Barkley L. Hendricks, Rashid Johnson, and Dana Schutz.

Francis Bacon's Study for a Head (1952) from the Seattle-based collection of Richard E. Lang and Jane Lang Davis smashed its pre-sale high estimate of $30 million to reach $50.4 million with premium while the second Bacon work of the evening: Study for Portrait(1981) fetched $14.5 million with premium.

Mark Rothko's Untitled (1960) sold for $50.1 million against a pre-sale estimate of $35 million to $50 million. $50.1 million while Lee Krasner's The Eye Is the First Circle(1960), estimated to sell for $10 million to $15 million, fetched a record of $11.6 million including fees.

Five David Teiger works sold for $15.6 million with premium, Dana Schutz's Civil Planning. reached $2.42 million with premium, or about three times her previous auction record 

Two Rothko works on paper executed in 1969, Untitled (Red and Burgundy Over Blue) and Untitled (Red on Red) reached respectively $10.5 million and $8.2 million.

Charles Gaines's Numbers and Trees: Central Park Series IV: Tree #6 sold for $475.000 with premium—nearly twice its $200,000 high estimate—Rashid Johnson's Untitled Escape Collage went for nearly $1.2 million with premium, almost tripling his prior record.Robert Colescott's Garden Spot more than doubled its high estimate at $704,000; Barkley L. Hendricks's  Yocks more than tripled its high estimate at $3.74 million, setting a new artist record; and Lynette Yiadom-Boakye's  No Words of Gratitude nearly doubled its high estimate at $680,000. 

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