Gustav Klimt Leads Sotheby’s $427 M. Two-Part Evening Sales

On Thursday night, Sotheby’s staged a set of evening auctions dedicated to works from the estate of music executive Mo Ostin and another to modern art. Together, the back-to-back sales, held during the marquee sale week in New York, brought in a collective $427 million with buyer’s fees.

Fifteen works from the Ostin collection were offered, including works by blue-chip figures like Jean-Michel Basquiat and Joan Mitchell. 14 of those works sold, generating a sum of $123 million, outpacing the $103 million designated to the sale by specialists. Four lots in the Ostin sale, among them works by Mark Tansey, Joan Mitchell and Pablo Picasso, were backed with third-party guarantees or irrevocable bids. In the second portion of the night, works by artists active during the 20th century like Gustav Klimt and Pablo Picasso were among the 40 lots solds. By the night’s end, that sale raked in $303 million with fees after a total of five lots were withdrawn.

The total hammer price for both sales (before fees were added) came to $362 million, which was below the pre-sale estimate of $375.4 million-$534 million.

Sotheby’s UK-based auctioneer Oliver Barker took to the auction podium on Tuesday night to lead the event from the house’s upper Manhattan headquarters. The sales were anchored by auction debuts for works by René Magritte from Ostin’s holdings, among others long held in private collections, as well as new records for Vilhelm Hammershøi and Isamu Noguchi.


Discover more from LN247

Subscribe to get the latest posts sent to your email.

Advertisement

Most Popular This Week

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More from Author

Advertisement

Read Now

5 Blockbuster Movies Produced by David Lynch

David Lynch, a movie and television director who radicalized American film with a dark, surrealistic artistic vision in films died on Thursday, 16th January 2025, at the age of 78. The visionary producer passed away following last year’s reveal of his emphysema diagnosis. Lynch who moved to Los Angeles, where he studied...

Netflix Fined €4.75 Million for Personal Data Handling

Netflix has been fined €4.75 million ($4.98 million) by Dutch authorities for mishandling subscriber personal data, citing issues with clarity and completeness in the company's privacy practices. The Dutch Data Protection Authority (AP) found that between 2018 and 2020, Netflix failed to adequately inform users about how...

Full List: Jagun Jagun Dominates 2024 BON Awards

Femi Adebayo's acclaimed Netflix Original Yoruba film Jagun Jagun emerged as the biggest winner at the 2024 Best of Nollywood (BON) Awards, securing six prestigious awards. The film took home accolades including Best Indigenous Film, Best Actor, Best Production Design, Best Special Effect, Best Costume, and Director...

Discover more from LN247

Subscribe now to keep reading and get access to the full archive.

Continue reading