Andy Warhol Six Self Portaits, 1986 ($25-35 million) among highlights Sotheby’s Contemporary auction in New York on May 14. Copyright in this image is vested in Sotheby’s. UPDATE: THIS SOLD FOR $30,125,000
THE strength in the global art market and record February sales in London helped Sotheby’s achieve a 40 per cent increase in sales in the first quarter of 2014. This increase brought in an extra $211 million in net auction sales resulting in a $26.1 million increase in auction commission revenues. For the three months to March 31 the company reported a loss before taxes of $5.7 million. This is a $26 million improvement on the prior year.
“These outstanding first quarter 2014 results pick up where we ended 2013, when we were the fastest growing global auction company,” said Bill Ruprecht, Sotheby’s Chairman, President and Chief Executive Officer. “They demonstrate that the art market remains robust, clients from all corners of the world aspire to engage and transact with Sotheby’s because they are benefitting from our unrivalled expertise and market knowledge, and we are executing well on our promise of cost control in 2014.“What we’re seeing is a market that continues to deliver. In the coming weeks we have a number of exciting and important works on offer in our salesrooms, including our Contemporary Art sales in New York, which carry their highest pre-sale total estimates in Sotheby’s history,” added Mr. Ruprecht.