OGP | Collectors' Recommendations
Nov 20, 2023
Sotheby's auction this week became a remarkable event, with a total of 729 objects participating, generating a total turnover of $1.2 billion. Among them, works such as Picasso's portrait, Basquiat's self-portrait, Monet's landscape, and Jenny Saville's nude portrait stood out, with a 34% increase in total auction sales compared to last year. This marks Sotheby's first billion-dollar week since May 2022 and the third-highest total in the auction house's 279-year history.
The auction of Emily Fisher Landau's art collection became the most valuable auction devoted to a woman collector, achieving a total of $424.7 million, led by Picasso's "Femme à la montre" at $139.4 million.
Divided into various categories, including Modern Art, Contemporary Art, and Special Projects, the auction showcased artworks from different periods and styles, highlighting the continuous demand for precious artworks in the art market. The creation of several auction records, such as Mehretu's work setting the highest auction record for an African-born artist and a Black woman artist, further enriches the diversity of the market.
The success of this auction indicates the ongoing prosperity of the art market, injecting new confidence into the auction industry. For art collectors and investors, this presents a unique opportunity to delve into artworks from different periods and styles, exploring the infinite possibilities of contemporary art.