Major London auction houses Sotheby's and Christie's posted strong results in early March, with their Modern and contemporary art evening sales raising £131m and £197m respectively. These figures represented significant increases over the previous year, with high sell-through rates, despite concurrent geopolitical turmoil in the Middle East. Key lots included Francis Bacon's 'Self Portrait' selling for £16m and Henry Moore's 'King and Queen' achieving a record £26.3m.
The sales indicate a 'flight to quality' and renewed confidence among ultra-wealthy sellers, with prestigious single-owner collections driving the market. While blue-chip works by established artists like Monet and Basquiat held their value, the market for 'red-chip' ultra-contemporary art by young artists has sharply declined, highlighting a market correction and a shift back towards proven, high-caliber assets.