Sotheby’s Contemporary Art Auction Realises $62 Million-Within Pre-Sale Expectations

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LONDON.- This evening, Sotheby’s Contemporary Art Evening Auction realised the solid total of £41,091,800 ($61,806,176/€50,111,626) – within pre-sale expectations (est: £38,330,000- 52,830,000). This represents the third highest total for a Summer Sale of Contemporary Art at Sotheby’s London and is a 60% increase on the equivalent sale last year*. The sale established sell-through rates of 83% by lot and 87.3% by value, and saw 45.4% of the sold lots achieve prices in excess of their pre-sale high estimates. Commenting on the sale tonight, Cheyenne Westphal, Sotheby’s Chairman Contemporary Art Europe, said: “We assembled the auction with a focus on classic works from the 1950s and 1960s by blue-chip artists and carefully considered quality, provenance and pricing. Tonight’s solid results, well above the June 2009 total, build on the recent successes of New York and London and affirm the streng