Enthusiasm returns as auctions total US$306 million
- Sotheby’s contemporary art auctions totaled nearly US$306 million
- Total was the highest for Sotheby’s in four years
- Top prices achieved for works by Jean-Michel Basquiat and Gerhard Richter
- Several artist records set, including Julie Mehretu and Marina Perez Simao
- Works by female artists performed well in the sales
Sotheby’s recent auctions of contemporary art saw a resurgence of enthusiasm, with total sales reaching nearly US$306 million. The auctions, which included the ‘The Now’ sale and a contemporary sale, surpassed the low presale estimate of US$243.2 million. This marked the highest total for Sotheby’s in four years. Notable works by Jean-Michel Basquiat and Gerhard Richter fetched top prices, while several artist records were set, including Julie Mehretu and Marina Perez Simao. Female artists also performed well in the sales. Overall, the auctions demonstrated a strong appetite for quality contemporary art.
Factuality Level: 7
Factuality Justification: The article provides factual information about the recent contemporary art auctions at Sotheby’s, including the total sales figures, top-selling artworks, and records set. The information is supported by quotes from Sotheby’s and the art analysis firm ArtTactic. However, the article lacks in-depth analysis and context, and there is no mention of any potential criticisms or controversies surrounding the auctions.
Noise Level: 6
Noise Justification: The article provides information on the recent Sotheby’s auctions of contemporary art, including the total sales and notable works sold. It also mentions the performance of other auction houses and compares the results to previous auctions. However, the article focuses mainly on sales figures and records set, without providing much analysis or insight into the art market or the significance of the results. It also includes some repetitive information and unnecessary details about guarantees and third-party backing.
Financial Relevance: Yes
Financial Markets Impacted: The article provides information about the recent auctions of contemporary art by major auction houses, including Sotheby’s. The auctions fetched a total of nearly US$306 million, indicating strong buying in the art market. This information may be of interest to investors and collectors in the art market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article does not mention any extreme events or their impact.
Public Companies: Sotheby’s (BID), Christie’s (undefined), Phillips (undefined)
Key People: Jean-Michel Basquiat (Artist), Gerhard Richter (Artist), Julie Mehretu (Artist), Marina Perez Simao (Artist), Mohammed Sami (Artist), Barbara Chase-Riboud (Artist), Barkley L. Hendricks (Artist), Ad Reinhardt (Artist), Frank Stella (Artist), Joan Mitchell (Artist), Georgia O’Keeffe (Artist), Amy Sillman (Artist), Jadé Fadojutimi (Artist), Mark Bradford (Artist)
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