Sotheby’s creates auction history with $254.8 million sale

New York, May 16:

Sotheby’s spring evening sale of contemporary art in New York made auction history, bringing $254.8 million, the highest total ever for such a sale. Two masterpieces shattered the previous record for a contemporary work of art at the auction held yesterday night.

At least five bidders competed for Mark Rothko’s ‘White Center (Yellow, Pink and Lavender on Rose)’ from the collection of David Rockefeller. It sold for $72.8 million to an anonymous buyer over the telephone to a wave of applause, setting a new record for a contemporary work of art at auction, as well as for the artist. The price was far above the painting’s $40 million estimate.

At least four bidders battled for Francis Bacon’s ‘Study from Innocent X’, 1962, which brought $52.6 million, a record for the artist at auction, selling to an anonymous buyer over the telephone, in excess of its $30 million estimate. Records were also set for works by Jean-Michel Basquiat, Robert Rauschenberg, Tom We-sselmann, Richard Prin-ce, Hans Hofmann, Dan Flavin and John Balde-ssari, among others.

Four lots in the auction brought over $10 million, six achieved over $5 million, and 41 sold for over $1 million. Nearly 70 per cent of the lots sold exceeded their high estimates.

Tobias Meyer, Sotheby’s Worldwide Head of Contemporary Art, said, “It was fantastic tonight — a record on many levels. It was a record for any contemporary art sale and also achieved the record for a work of contemporary art at au-ction — twice in the sa-me evening — first with the Bacon, which was followed by the spectacular price achie-ved for Rothko. There was international bidding coming from a global client base that pursues great quality ferociously.”