Bidding wars and surprises at Sotheby’s auction
- Sotheby’s modern art sale achieved US$190.4 million, or US$223.3 million with fees
- Mixed picture of collector appetite as some lots were withdrawn
- Highest price of the sale was US$26.8 million for Monet’s Peupliers au bord de l’Epte
- Le Moulin de Limetz sold for US$22 million after more than seven minutes of bidding
- Rothko work-on-paper sold for double the high estimate at US$20.5 million
- Chagall’s Au-dessus de la ville sold for US$13.3 million to a collector in Asia
- Picasso’s Compotier et guitare sold for US$21 million, below the estimated price
Sotheby’s modern art sale achieved a total of US$190.4 million, or US$223.3 million with fees. However, the auction revealed a mixed picture of collector appetite as some lots were withdrawn ahead of the auction. The highest price of the sale was US$26.8 million for Monet’s Peupliers au bord de l’Epte. Le Moulin de Limetz sold for US$22 million after more than seven minutes of bidding. A Rothko work-on-paper sold for double the high estimate at US$20.5 million. Chagall’s Au-dessus de la ville sold for US$13.3 million to a collector in Asia. Picasso’s Compotier et guitare sold for US$21 million, below the estimated price.
Factuality Level: 7
Factuality Justification: The article provides information about the results of Sotheby’s modern art sale, including the prices achieved for various artworks and the participation of collectors. The information seems to be based on the auction results and statements from Sotheby’s. However, the article does not provide any critical analysis or independent verification of the information, so there is a possibility of bias or incomplete reporting.
Noise Level: 3
Noise Justification: The article provides a detailed account of the recent Sotheby’s modern art sale, including information on the prices achieved for various artworks and the participation of collectors. However, the article lacks analysis or insights into the broader implications or trends in the art market. It mainly focuses on the specific auction results without providing any actionable insights or new knowledge for the reader.
Financial Relevance: Yes
Financial Markets Impacted: The Sotheby’s modern art sale and the record-breaking sale of the Ferrari 330 LM / 250 GTO indicate strong demand and high prices in the art and luxury car markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the financial results of the Sotheby’s modern art sale and the sale of the Ferrari, indicating the impact on the art and luxury car markets.
Public Companies: Sotheby’s (BID)
Key People: Wendy Lin (Sotheby’s chairman in Asia), Simon Shaw (Sotheby’s vice chairman of fine art), Jen Hua (Sotheby’s deputy chairman for the region)
Reported publicly:
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