Here’s my running Twitter commentary on Sotheby’s $379.68-million sale tonight of 63 lots. Eight of those lots didn’t sell and another nine, which brought $15.92 million (including buyers premium), were sold to benefit LA MOCA. Even the buyers premium went to the museum, according to Sotheby’s recent proxy statement. The statement also revealed that the auction firm would “reimburse the museum for expenses associated with the consignment. The expenses…are expected to exceed $300,000.”
So that left 46 lots on which Sotheby’s could potentially make some money. As you will see below, many of the works, including high-ticket ones, elicited only lackluster bidding. The sale was also remarkable for the high number of works for which third parties had made irrevocable bids, in advance of the sale, ensuring that those lots would sell.