Modern oil painting

Modern oil painting

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LONDON.- Tonight’s Contemporary Art Evening Sale at Sotheby’s London saw 25 of the 27 works offered sell, realising a total of £17,879,250 ($25,785,250) within the estimate of £16.5-23.1 million. More than 200 clients registered to bid in the auction, which was 92.6% sold by lot – one of the highest ever achieved for a February sale in this category at Sotheby’s – and 90.7% sold by value. The sale established a new auction record for a Venezia series painting by Italy’s foremost Post-War oil painting artist Lucio Fontana, and witnessed three works sold for over £1 million, seven for over $1 million.

Discussing the results of the auction, Cheyenne Westphal, Chairman Contemporary Art Europe, said: “We are thrilled with the very positive results of this evening’s auction - the first test of this market in 2009 - which demonstrate the confidence in today’s adjusted but clearly functioning market. Our strategy of curating a sale of high-quality works, fresh to the market with exceptional provenance resulted in a sell-through rate of 92.6% - one of the highest ever achieved for a February sale of Contemporary Art. The prices established for Fontana, Richter and Koons show that the market continues to respond with enthusiasm to rarity and quality.”

Oliver Barker, Senior International Specialist, Contemporary Art, continued: “Bidding was measured in tonight’s sale which shows the level of connoisseurship in today’s market place. There were multiple bids on most lots, which came from all over the world, including Europe, the US, Asia and the Middle East. ”

Auction Highlights:
The top-selling lot of tonight’s sale was the rediscovered painting Concetto Spaziale of 1961 by Italy’s foremost Contemporary oil painting artist Lucio Fontana. The painting, which had never before appeared at auction and had remained hidden from public view for almost 50 years, saw three bidders – two on the telephone and one in the saleroom – compete for this sublime work before it sold to a private European buyer for £4,409,250 ($6,359,020), against an estimate of £5-7 million. The price realised established a new auction record for a Venezia series painting by the artist and represents the fourth highest price paid for any work by Lucio Fontana at auction.

Concetto Spaziale of 1961 belongs to the artist’s celebrated Venezia cycle of 22 paintings from 1961 and is one of the most effectively conceived and executed modern oil paintings in the series. This masterpiece of 20th-century European abstract painting, measuring 150 by 150 cm (59 by 59 inches), was acquired directly from the artist in the 1960s and has resided in the same private collection for over 45 years.£550,000-750,000 and his acrylic and silkscreen ink on canvas Mick Jagger, executed circa 1975, sold for £892,450/$1,149,794 (estimate: £500,000-700,000).