Sotheby’s London Sales

Sotheby’s London presented its Contemporary & Modern Evening and Day Auctions following an exhibition at New Bond Street from February 26 to March 3. The series included the Modern & Contemporary Evening Auction on March 4 and the Modern Day and Contemporary Day Auctions on March 5, exceeding expectations with 68% of lots surpassing their low estimates and total sales reaching $79.39 million.

The art market thrives on unpredictability – bidding wars over emerging artists, unexpected records, and unsold blue-chip works redefine trends in real time. Sotheby’s Modern & Contemporary Evening Auction embodied this volatility, with standout moments like Lisa Brice’s 444% surge and Yoshitomo Nara’s $11.47 million sale, reinforcing the demand for contemporary vision.

The Star of the Night

One of the evening’s most electrifying moments came when Yoshitomo Nara’s *Cosmic Eyes (in the Milky Lake) *(2005) surpassed expectations, selling for $11.47 million, an impressive 51% above its low estimate of $7.57 million. This large-scale oil on canvas embodies Nara’s signature blend of innocence and rebellion, featuring his iconic, wide-eyed figures set against a serene yet surreal landscape. The work’s remarkable execution and emotive power reflect Nara’s exploration of the tension between vulnerability and defiance.

Nara’s appeal, which draws on elements of pop art, Japanese anime influences, and countercultural iconography, has resonated globally, further establishing him as a dominant figure in contemporary art. This sale highlights the increasing demand for works that convey both childlike wonder and a subtle, rebellious edge – particularly from Asian artists with cross-cultural significance.

A Record-Breaking Rise: Lisa Brice’s After Embah

A standout moment of the evening was Lisa Brice’s After Embah (2018), which soared to $6.87 million, marking an extraordinary 444% increase from its original estimate of $1.26 million. This powerful and evocative piece, a striking portrayal of the female form, exemplifies Brice’s mastery of bold, unapologetic imagery. The work draws inspiration from the artist’s exploration of identity, power, and desire, reflected in the confident, almost confrontational posture of the figure.

Brice’s success underscores the growing demand for contemporary female artists and signals a shift towards a broader appreciation of emerging voices. The intense bidding signals a major shift in collector focus and reflects the art world’s appetite for works that challenge conventional narratives and evoke strong emotional responses.

Sotheby’s Contemporary & Modern Evening Auction concluded with impressive results, achieving $79.39 million in total sales, aligning with pre-sale expectations. However, a closer look at the auction revealed the unpredictable nature of the market.

68% of the lots surpassed their low estimates, signaling that the demand for high-quality works remains robust. Yet, there were notable absences: four works failed to sell, including a piece by the legendary Sigmar Polke. His 1974 work Skelett, estimated at $1.26 million to $1.89 million, surprisingly went unsold. For many, Polke’s market performance remains a puzzle, reminding us that even established artists can fall victim to shifting tastes and changing collector interests.

Adding an element of suspense, three works were withdrawn before the auction even began, with Gerhard Richter’s Heu (Hay) (1995) being the most high-profile. Estimated at $6.31 million to $8.83 million, it was unexpectedly pulled from the sale. Withdrawals often spark speculation in the art world – was the seller unhappy with pre-sale interest, or did a private collector swoop in at the last moment? While we may never know, it’s clear that demand for Richter’s work remains strong.

Adding to the evening’s eclectic mix was Banksy’s Crude Oil (Vettriano) (2005) – a reimagining of pop culture iconography that was consigned by Blink-182 bassist Mark Hoppus. Estimated between £3 million and £5 million, the piece demonstrated the evolving intersection of street art and high-end collecting. Banksy’s works now command prices on par with modern art giants, and Hoppus’s role as a seller reflects the increasing influence of celebrity collectors in shaping the market.

For art lovers, collectors, and industry insiders alike, this auction was a testament to one simple truth: the only certainty in the art market is its unpredictability. And that’s exactly what makes it so thrilling.