Sotheby’s Modern Evening Auction in May 2024 proved to be a testament to the resilience of the art market, generating an impressive $198.1 million despite prevailing economic challenges. This robust performance, achieving a remarkable 96% sell-through rate, underscores the enduring appeal of high-quality modern art pieces among collectors and institutions alike. The auction not only showcased the strength of established artists but also highlighted emerging trends and record-breaking sales that are shaping the contemporary art landscape.
Sale Performance: A Triumph in Challenging Times
The art world held its breath as Sotheby’s unveiled its Modern Evening Auction, a litmus test for the market’s health in an era of economic uncertainty. The results were nothing short of impressive:
- Total Sales: $198.1 million (including fees)
- Sell-through Rate: 96%
- Unsold Lots: Only 2
These figures paint a picture of a market that remains robust and eager, despite broader economic headwinds. The high sell-through rate, in particular, speaks volumes about the caliber of works on offer and the discerning taste of collectors.
However, it’s worth noting that two lots were withdrawn prior to the auction, potentially reducing the overall result by $3.5 to $5.5 million. This strategic move by Sotheby’s demonstrates the auction house’s acumen in reading market signals and adjusting accordingly to maximize results.
Record-Breaking Top Lots: Leonora Carrington Takes Center Stage
The undisputed star of the evening was Leonora Carrington’s “Les Distractions de Dagobert” (1945). This masterpiece not only led the sale but also shattered records:
- Sale Price: $24.5 million (including fees)
- Buyer: Eduardo F. Constantini, founder of the Museo de Arte Latinoamericano de Buenos Aires (Malba)
The sale of “Les Distractions de Dagobert” is significant for several reasons:
- It sets a new auction record for Carrington’s work
- It highlights the growing appreciation for female Surrealist artists
- The acquisition by a prominent museum founder suggests the piece will be made accessible to the public, furthering Carrington’s legacy
This record-breaking sale underscores the art market’s increasing recognition of previously undervalued artists, particularly women and those from diverse backgrounds.
Notable Sales: A Mixed Bag of Triumphs and Near Misses
While Carrington’s work stole the show, several other pieces attracted significant attention and bids:
Sophie Taeuber-Arp: A High Estimate Achievement
- Work: Abstract painted wood relief (1938)
- Sale Price: $700,000 (with fees)
- Performance: Sold at high estimate
This sale reflects the growing appreciation for abstract art from the early 20th century, particularly works by female artists who were often overlooked in their time.
László Moholy-Nagy: Exceeding Expectations
- Work: “CH for R1, Space Modulator, Scene from My Lightplay” (1942)
- Sale Price: $1.8 million (with fees)
- Performance: Nearly double its high estimate
Moholy-Nagy’s piece demonstrates the enduring appeal of innovative, experimental works from the mid-20th century.
Alexander Calder: A Slight Underperformance
- Work: Mobile sculpture
- Sale Price: $2.8 million (with fees)
- Performance: Below low estimate
While still commanding a significant price, the slight underperformance of Calder’s mobile might indicate a stabilization in the market for his works.
Andrew Wyeth: Below Expectations
- Work: “Rum Runner (To the Westward)” (1944)
- Sale Price: $2.8 million (with fees)
- Performance: Below low estimate
The sale of Wyeth’s piece below its low estimate could suggest a shift in collector preferences or a recalibration of the market for American realist paintings.
Hans Hofmann: Meeting Expectations
- Work: “Lava” (1960)
- Sale Price: $3 million (with fees)
- Performance: Sold at low estimate
Hofmann’s large-scale abstraction met market expectations, indicating steady demand for Abstract Expressionist works.
Market Context: Comparing Past and Present
To fully appreciate the significance of the May 2024 auction, it’s crucial to consider it within the broader context of the art market:
- Strong Early Run: The auction began with impressive momentum, particularly for Impressionist and Surrealist pieces
- Year-over-Year Comparison: While robust, the $198.1 million total fell short of the May 2023 equivalent sale, which generated $258.1 million (with fees)
This comparison reveals a slight cooling in the market, potentially reflecting broader economic trends. However, the strong performance despite these headwinds is a testament to the resilience of the high-end art market and Sotheby’s ability to curate desirable lots.
Implications for the Art Market
The results of Sotheby’s Modern Evening Auction offer several insights into the current state and future trajectory of the art market:
- Diversification of Artist Recognition: The record-breaking sale of Carrington’s work signals a growing appreciation for previously underrepresented artists
- Resilience in Uncertain Times: The high sell-through rate demonstrates that quality artworks continue to attract buyers, even in a challenging economic climate
- Shifting Tastes: The mixed performance of some established names suggests evolving collector preferences
- Institutional Interest: The acquisition of top lots by museum founders indicates ongoing institutional demand for significant works
Frequently Asked Questions
Q1: What was the total amount generated by Sotheby’s Modern Evening Auction in May 2024?
A1: The auction generated $198.1 million, including fees.
Q2: Which artwork set a record at the auction?
A2: Leonora Carrington’s “Les Distractions de Dagobert” (1945) set a record at $24.5 million, including fees.
Q3: How did this auction compare to the previous year’s equivalent sale?
A3: While robust, the May 2024 auction trailed the May 2023 sale, which generated $258.1 million with fees.
Q4: Were there any unsold lots in the auction?
A4: Yes, only two lots remained unsold, resulting in a 96% sell-through rate.
Q5: Who purchased the top lot of the auction?
A5: Eduardo F. Constantini, the founder of the Museo de Arte Latinoamericano de Buenos Aires (Malba), purchased Leonora Carrington’s