Auctions at Sotheby’s in 2017 totalled $4.7 billion worldwide, a 13% increase over 2016. It led all international houses in Asia with an annual auction total of $850 million. Asian clients contributed $1.6 billion to Sotheby’s sales in 2017 and online buyers spent more than $180 million.
The top lot of the year at Sotheby’s was Jean Michel Basquiat’s Untitled from 1982. It set a $110.5 million auction record for the artist and for any work of American art. The price comfortably exceeded the previous record for the artist, as well as the pre-sale estimate of $60 million and was achieved after a 10-minute contest between multiple bidders.
It was bought by collector and entrepreneur, Yusaku Maezawa, founder of e-commerce giant, Start Today, and ZOZOTOWN, the virtual mall on Japan’s largest fashion e-commerce site. It is to be housed in a museum based in Mr. Maezawa’s hometown of Chiba, Japan.