Sotheby’s initiated the prestigious New York spring auctions on May 13, 2024, with The Contemporary and The Now Evening Auctions, achieving a combined total of $267.3 million. This figure slightly exceeded the $247.8 million presale low estimate, although it required the auction house’s premiums to reach that threshold. A positive note is that Sotheby’s significantly surpassed the previous year’s double event, which had amassed $204.7 million in 2023.
The Now sale, targeting the ultra-contemporary market, realized $32.7 million, aligning with its presale estimate range of $30.2 million to $42.6 million. Kerry James Marshall’s Vignette #6, 2005, was the top lot, selling just above its low estimate at $7.5 million. Standout performances included Justin Caguiat’s The Saint Is Never Busy, 2019, and Lucy Bull’s 16:10, 2020, which garnered $1,092,200 and $1,814,500, respectively.
A notable aspect was Jeffrey Gibson’s 2014 sculpture Always After Now, which did not sell. Gibson, serving as this year’s US representative at the Venice Biennale, had sparked speculation that his American pavilion installation might boost interest in his and other Indigenous artists’ work.
The Contemporary Evening Auction experienced mixed outcomes, totaling $234.6 million. This figure surpassed the $217.6 million presale low estimate, again with the help of auction house premiums. Francis Bacon’s Portrait of George Dyer Crouching, 1966, missed its $30 million to $50 million estimate, selling for $24.5 million. Lucio Fontana’s Concetto spaziale, La fine di Dio sold for $22.97 million, near the lower end of its estimate.
Some pieces did exceed expectations, such as Joan Mitchell’s Noon, c. 1969, which achieved $22.62 million, outdoing its $20 million estimate.
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