Sotheby's May Auction Nets $433M as Trophy Lots Propel Market

Sotheby's May evening auctions in New York achieved $433.1 million in sales, a 132.7% increase from the same period last year, despite fewer lots on offer. The sale was dominated by the collection of late dealer Robert Mnuchin, which contributed $166.3 million (40% of the total). The top lot was Mark Rothko's 'Brown and Blacks in Reds' (1957), selling for $85.8 million. The main contemporary art evening auction, including 'The Now' sale, totaled $266.8 million. Over 80% of lots were guaranteed by value. Four works went unsold and one was withdrawn, yielding a 91% sell-through rate. Sotheby's owner Patrick Drahi attended. Notable sales included Andy Warhol's 'Brigitte Bardot' (1974) at $24.8 million, setting a record for the series. Auctioneer Oliver Barker, a former DJ, quipped about bidding on an Elizabeth Peyton painting depicting Oasis members. The next major sale is Christie's S.I. Newhouse collection and 20th-century art evening sale on May 18.