This week, London's art scene demonstrated its enduring allure as Christie's held a remarkable evening sale for 20th and 21st-century artworks, generating £197.5 million (approximately $265 million). This event followed closely on the heels of Sotheby's modern and contemporary auction, which brought in £131 million ($175 million). The impressive outcome signifies a 52 percent increase over the previous year's comparable sale, achieving a 96 percent sell-through rate by lot and 98 percent by value.
Notably, the auction set new records for artists such as Henry Moore, Toyen, and Dorothea Tanning. However, four significant pieces by Cecily Brown, Bridget Riley, Lucian Freud, and Frank Auerbach were withdrawn prior to the auction, with a collective high estimate nearing £17 million.
The sales, comprising three segments--"The Art of the Surreal," the 21st/20th-century collection, and "Modern Visionaries: The Roger and Josette Vanthournout Collection"--spanned nearly four hours, showcasing over 200 lots. These results countered recent concerns regarding London's status as a cultural epicenter, particularly in light of the UK's changes to tax regulations affecting high-net-worth individuals.
Among the highlights was Henry Moore's King and Queen bronze sculpture, which surpassed its £15 million estimate, ultimately selling for £26.3 million ($35.2 million), setting a new auction record for the artist. Katherine Arnold, Christie's Vice Chairman, hailed it as "the most exciting sculpture I've ever seen brought to market."
Phillip Hoffman, founder of The Fine Art Group, noted the market's positive response to quality and rarity, as demonstrated by the Moore piece, which is the last cast from its series still privately held.
Auctioneer Adrien Meyer kept the energy high, encouraging bidders actively. Gerhard Richter's Abstraktes Bild sold for £7.6 million ($10.1 million), while Wassily Kandinsky's Le Rond Rouge fetched £12.5 million ($16.8 million), aligning with its estimates. Additionally, Eduardo Chillida's Modulación del espacio III sold for £3.3 million, significantly above its high estimate.
The segment dedicated to surrealism achieved a remarkable 100 percent sell-through rate, totaling £43 million ($57.4 million). This portion set two world records with Dorothea Tanning's Children's Games and Toyen's Le devenir de la liberté selling for £4.7 million and £3.7 million, respectively. René Magritte's Les grâces naturelles also performed well, going for £8.5 million ($11.4 million).
Finally, the "Modern Visionaries" collection brought in £40.3 million ($53.9 million), with sell-through rates of 97 percent by lot and 94 percent by value, highlighted by Pablo Picasso's Nu Debout et Femmes Assises selling for £7 million ($9.3 million).
Despite the impressive figures, Jussi Pylkkänen, Christie's former global president, remarked on the market's current softness, suggesting that high estimates may have deterred some bidders. Nevertheless, Olivier Camu, Christie's deputy chairman, celebrated the sales as a testament to the long-standing passion of Roger and Josette Vanthournout for art collection.