Milan Auctions Defy Global Trends with Strong Sales

Milan's modern and contemporary art auctions have outperformed expectations, reversing the downward trend seen in New York and Paris. Italian auction houses have capitalized on policy changes by Christie's and Sotheby's, which raised average lot values and reduced offerings, leaving a gap in the €10,000–€250,000 range. National houses like Il Ponte, Pandolfini, Cambi, and Wannenes reported strong results. Il Ponte achieved €5.7 million with a 92.7% sell-through rate (up from €4.5 million last year). Pandolfini sold €2,162,500 (77% sold), Cambi €1,152,850, and Wannenes €733,484—doubling last year's result. Meeting Art, with nine sessions and 1,110 lots, reported 89% sold for €2,244,200. Notable sales include Bruno Munari's "Macchina inutile" (1945) at €190,000, setting a record; Agostino Bonalumi's "Bianco" (1967) at €295,800; and Carol Rama's "La guerra è astratta" (1971) at €99,200. The success is attributed to Italian dealers buying for resale in London, the strong pairing of international contemporary galleries with post-war art, and collectors' interest in historical Italian art. The coincidence with Art Basel saw less Italian art there but strong sales in Milan.