Sotheby’s modern art evening sale on Tuesday night generated $303.4 million, with a 97.6% sell-through rate and a hammer total of $256.5 million. The top lot was Henri Matisse’s *La Chaise Lorraine* (circa 1919), which sold for $48.4 million after a prolonged bidding war. The house withdrew three lots before the sale to improve optics, and 85% of the lots were guaranteed, mostly by third parties. Asian collectors were active at seven-figure price points, contrasting with sparse high-end bidding at Christie’s the previous night.
The sale demonstrates that the high-end auction market remains resilient even without blockbuster trophy lots, achieving results within the presale estimate range. Sotheby’s conservative approach—preselling most lots and minimizing house guarantees—allowed it to deliver a profitable event amid a crowded auction week. The strong performance of Matisse and the active participation of Asian bidders signal sustained demand for top-tier modern works, while the high proportion of third-party guarantees reflects how auction houses are shifting risk to external financiers.