Following its record-high $676 million sale of the widely anticipated Macklowe collection in New York on Monday night, Sotheby’s staged a modern art evening sale the following evening that brought in a collective $282 million with fees.
This sale achieved a near perfect sell-through rate, with 46 out of the 47 lots offered finding buyers. More than half of the lots were secured with financial backing; 25 works from the sale had irrevocable bids, meaning 78 percent of the works would sell for at least their pre-sale low estimate. Before the sale, three lots were withdrawn, including a 1932 Georgia O’Keefe painting (estimated at $8 million) and a Henry Moore sculpture. Overall, the lots that went to auction Tuesday night hammered at $240.5 million, landing solidly within its pre-sale expectation of $192.2 million–$266.9 million.