London auctions defy Brexit fears with strong results

London's contemporary art auctions held shortly after the Brexit referendum showed robust sales, confirming predictions that the vote would not significantly impact the art market. Phillips achieved nearly £12 million, selling 85% by value with 21 of 31 lots sold. A record was set for Anselm Kiefer's 'Fur Velimir Khlebnikov: Die Lehre vom Krieg Seeschlachten', which sold for £2.389 million, nearly quadrupling its high estimate of £600,000. Rudolf Stingel and Domenico Gnoli also performed well, with Gnoli's 'Inside of Lady's Shoe' exceeding £1 million, as did Michelangelo Pistoletto's 'Violet Dog'. At Sotheby's, the Contemporary Evening Auction totaled £52.194 million, above the pre-sale estimate of £50 million, with only 4 unsold lots out of 48. Jenny Saville's 'Shift' set a record, selling for £6.813 million against an estimate of £1.5-2 million. Other strong results included Jean Dubuffet's 'Barbe de lumière des aveuglés' at £3.173 million, Adrian Ghenie's 'The Hunted' at £1.865 million, and Neo Rauch's 'Gut Gut' at £869,000. American and Asian buyers benefited from the weakened pound, gaining an estimated 10-15% advantage.