Sotheby's will auction ten works donated by Royal Academicians during its London spring sales to raise funds for the financially struggling Royal Academy of Arts. The sale, with a cumulative high estimate of £2.6 million, includes major works by El Anatsui, Sean Scully, William Kentridge, Tony Cragg, Georg Baselitz, Anish Kapoor, Mimmo Paladino, and Jeff Koons.
The auction is a critical fundraising effort for the Royal Academy, which does not receive direct government funding and has seen visitor numbers plummet since the pandemic, leading to proposed staff cuts. This sale marks the institution's first major foray into a premier auction season to secure its future, highlighting the ongoing financial pressures facing cultural institutions reliant on earned income.