Sotheby's Italy MD Reports 27% Market Contraction but Strong Sales in 2016

In an interview with Artribune, Raphaelle Blanga, Senior Director and Head of Contemporary Art at Sotheby's Milan, discussed the 2016 art market. Despite a 27% contraction in global auction volumes, Sotheby's Italy achieved strong sell-through rates, with top lots including Domenico Gnoli's "Le Sofa" (1968) sold for €2,576,250, the highest price for a contemporary artwork in Italy. Other top sellers included works by Lucio Fontana, Giorgio Morandi, Mario Schifano, Enrico Castellani, Fausto Melotti, and Alberto Burri. Blanga noted that the market is more selective, with high-quality, rare works performing well. Asian collectors are increasingly active, buying at auctions in New York, London, and Paris, often for new private museums like the Long Museum in Shanghai. Emerging artists Adrian Ghenie and Njideka Akunyili Crosby achieved record results, reflecting a return to painting. Italian artists like Leoncillo, Umberto Buscioni, Paolo Scheggi, and Carol Rama are gaining interest, boosted by museum exhibitions. Blanga emphasized the positive influence of exhibitions on market demand, citing Burri's success linked to his 2015 Guggenheim New York show.