Categories Financial asset, General, Investment, The art market, The value of the art

Sotheby’s London Spring evening sales showed an impressive rebound

Sotheby’s London Spring evening sales showed an impressive rebound from a total Hammer Price of £81m ($109m) in 2021 to £187m ($251m) in 2022. The growth was driven by prices obtained for artworks by two artists in particular: Magritte and Monet.

The top lot “L’empire des lumières” by Rene Magritte obtained a Hammer Price of £51.5m ($69m), far above the artist’s previous Hammer Price record of £18m ($23.5m) obtained at Sotheby’s in 2018.

In addition, 4 lots by Claude Monet sold one after the other for a total Hammer Price of £32.5m ($44m).

Together these 5 lots counted for 45% of the total Hammer Price achieved in the London Spring evening sales at Sotheby’s: “The Now Evening Auction” and the “Modern & Contemporary Evening Auction”.

Despite new artists’ names being added to the roster thanks to the “Now Evening Auction”, most of the trading value this spring still came from the historic top 13 artists (in color in the graph below), while the share of revenue from “other artists” (in white) was the lowest ever at 32%.

More information available in Pi-eX MICRO Tailored Report: Cross Categories Spring London Evening Sales Results at Sotheby’s – 2007-2022.