Sotheby’s London Auction Achieves Record Sales

A Sotheby’s auction in London set a new record, raising £393.4 million ($520.7 million) for modern and contemporary art. Held on Wednesday evening, it featured 25 works from the collection of billionaire Joe Lewis.

The Lewis collection alone fetched £296.3 million, marking the highest total for a single-owner London sale. Originally estimated at £190 million, the auction saw most lots exceed their valuations. Only one item did not sell.

A standout moment was the sale of a René Magritte gouache for £16 million. This exceeded its upper estimate by four times. The price matched that of an oil painting by the same artist.

Experts believe this successful auction could enhance London’s standing as a key art market hub, which has been challenged since Brexit. Thaddaeus Ropac, an international art dealer, lauded the auction, saying, “This was the best sale we’ve had here in years.”

The event’s highlight was Amedeo Modigliani’s 1917 work “Seated Nude With Necklace,” sold for £48.2 million. Lewis, known for his business ventures and previous legal issues, owns the Tottenham Hotspur soccer team. This auction may bolster London’s reputation in the art world and draw attention back to the city.