London's summer auction season saw Sotheby's evening sale bring in $85.7 million, a significant drop from $105 million last year and a 70% decline from $280.1 million in 2015. Christie's opted out of an evening auction entirely, holding only a day sale that netted $12.7 million, while Phillips' combined sales totaled $17.6 million. Highlights included a Tamara de Lempicka painting selling for $10 million, a Jenny Saville drawing setting a new auction record at $2.11 million, and six works from the Dorothy and Roy Lichtenstein collection. The sales were described as 'sensible' by advisor Todd Levin, reflecting a cautious market post-Art Basel.
This matters because the results underscore a long-term contraction in London's summer art market, with auction houses adjusting their strategies by offering curated collections and day sales instead of blockbuster evening events. The decline signals a shift in market dynamics, where consignments are timed carefully and buyers remain selective, impacting how major auction houses plan their seasonal calendars. The performance of works by artists like Jenny Saville and Jean-Michel Basquiat shows that demand persists for top-tier pieces, but overall market confidence remains subdued.