Sotheby’s Modern and contemporary evening sale in London signaled a resilient recovery for the UK art market, totaling £131 million with fees and achieving a 98% sell-through rate. Despite geopolitical tensions and post-Brexit economic concerns, the auction room was notably crowded, driven by high-profile works from the collection of billionaire Joe Lewis. The evening's top lot was a 1972 Francis Bacon self-portrait, which sold for £16 million, while a major painting by Leon Kossoff shattered the artist's previous auction record.
This sale is significant as it suggests a stabilization of the London art trade after several years of declining volume relative to New York and Paris. The record-breaking performance of Leon Kossoff’s "Children's Swimming Pool, Autumn Afternoon" indicates a growing market appetite for "School of London" artists and a shift toward high-quality, fresh-to-market works with prestigious provenance. While some blue-chip staples like Lucio Fontana saw more tepid results, the overall energy marks a potential turning point for the 2026 auction calendar.