Sotheby's Modern Art Sale Hits $303.4M, Led by Matisse

Sotheby's modern art evening sale on Tuesday night achieved $303.4 million in total sales, within its presale estimate range, despite lacking major trophy lots. The sale had a 97.6% sell-through rate, with only one lot unsold and three withdrawn to improve optics. The top lot was Henri Matisse's 'La Chaise Lorraine' (circa 1919), which sold for $48.4 million after a ten-minute bidding war, surpassing its $25 million estimate. Asian collectors were active at seven-digit price points, contrasting with sparse high-end bidding at Christie's the previous night. Of the 45 lots offered, 29 were guaranteed, with 28 backed by house guarantees and 28 by third-party guarantees. Guaranteed lots accounted for 85% of the total presale low estimate. The hammer total reached $256.5 million, exceeding the adjusted presale low estimate of $239.8 million by $16.7 million. Lock Kresler of Helly Nahmad Gallery commented on the busy auction week. The sale's success was attributed to Sotheby's risk-averse strategy, including preselling most lots and withdrawing a low-value guaranteed lot. The next major sale is Christie's Wednesday evening sale featuring the Minimalist collection of Henry S. McNeil and works by Gerhard Richter from Marian Goodman.