At Sotheby’s, the Italian sale brought in £13,583,725 ($23,668,282) with 46 of the 52 lots (or 88.5%) sold. Although the sale total is at the low end of the estimate, the relative strength of the Italian market in the midst of uncertainty is a tonic. Perhaps the rest of the market for recent art can organize an orderly retreat.
From Sotheby’s press release: Commenting on today’s sale, Claudia Dwek, Chairman of Sotheby’s Italy, said: “We are extremely pleased with the success of today’s sale of 20th Century Italian Art, which shows the keen appetite for classic modern works. Italian Art is a niche market which has developed over the last 10 years and as we saw today many collectors are looking to grow their collections with works by the modern Italian masters. What Sotheby’s was able to offer was a well-edited, highly-curated sale, both in quality and as regards estimates, and the market clearly responded with enthusiasm.”