Sotheby’s Modern & Contemporary Art Evening Sale in London achieved a rare 'white-glove' result, with all 53 lots finding buyers for a total of £131 million ($175 million). The auction was highlighted by a selection of four School of London masterpieces from the private collection of billionaire Joe Lewis, owner of Tottenham Hotspur. These works, including a 1972 Francis Bacon self-portrait and two Lucian Freud portraits, realized a combined £35.8 million ($47.8 million) and established a new auction record for artist Leon Kossoff.
This sale is significant as it marks the first time Joe Lewis has publicly sold works from his esteemed collection, which is estimated to be worth $1 billion. The fact that these high-value works sold successfully without irrevocable bids or minimum-price guarantees signals a robust confidence in the top-tier figurative art market. Furthermore, the 100% sell-through rate for the entire evening sets a positive and firm tone for the international auction season amid broader economic uncertainty.