Sotheby’s Modern and Contemporary Evening Sale in London achieved a robust total of £131 million, more than doubling the results of the previous year's equivalent auction. The event was characterized by a high 98% sell-through rate and was anchored by significant single-owner collections, most notably works from billionaire Joe Lewis. Highlights included a Francis Bacon self-portrait that fetched £16 million and a record-breaking sale for Leon Kossoff, whose "Children’s Swimming Pool, Autumn Afternoon" sold for £5.2 million, nearly four times his previous auction record.
The auction's success signals a stabilizing confidence in the London market, specifically for established British and European Modernism rather than volatile ultra-contemporary trends. While some blue-chip works like those by Lucio Fontana and Jean-Michel Basquiat saw cooler receptions or required price adjustments, the strong performance of the "School of London" artists suggests that collectors are returning to proven, historical quality. The absence of artists under 60 in the sale highlights a strategic shift away from the speculative "wet paint" market toward a more conservative, canon-focused trading environment.