“Portrait of Henrietta Moraes”, painted in 1963, came toward the lower end of estimates of £18-25 million if the buyer’s premium is taken into account. But it was still the highest price paid for a painting in its category at auctioneers Christie’s London in four years.
Overall, the auction had been expected to raise £56.7-84.0 million after a Mark Rothko painting was withdrawn to be sold privately.
There were three artist auction records, including for Christopher Wool, whose untitled work went under the hammer for £4.9 million, surpassing expectations of £2.5-3.5 million.
The solid results follow bumper sales at Christie’s in London last week, when it was offering impressionist and modern works. Those auctions fetched a combined £179.1 million.
The top end of the art market has survived the euro crisis and slowing economic growth relatively unscathed so far, with prices rising sharply in 2010 and 2011 after the financial crisis took its toll in 2009.
Sotheby’s holds its main London post-war and contemporary auction today. — Reuters
