Sotheby’s London kicked off the spring auction season with a robust modern and contemporary art evening sale, totaling £131.7 million and achieving a rare 100% sell-through rate. Despite global political uncertainty, the auction saw aggressive bidding for British post-war masterpieces and Italian avant-garde works. The event also marked the debut of Sotheby’s new commission structure, which lowers fees for high-value lots to incentivize larger transactions.
This sale is significant for establishing new benchmarks for British figurative painting, most notably a record-breaking £5.2 million for Leon Kossoff’s swimming pool scene, which shattered its high estimate. The strong performance of Francis Bacon and Lucio Fontana, alongside the successful dispersal of the Lewis and German private collections, signals a resilient high-end market. The total sell-through rate suggests that strategic third-party guarantees and realistic pricing continue to provide a safety net for major auction houses in a fluctuating economy.