Sotheby’s Breaks Record With Auction of Joe Lewis Collection

British auction sales have seen a significant decline since 2015, yet recent results indicate that London may be regaining its stance as a prominent international auction hub. A Sotheby’s auction held on Wednesday evening highlighted this possibility, as it achieved remarkable sales figures.

The auction featured 25 works from the collection of billionaire Joe Lewis and raised £393.4 million, approximately $520.7 million, including fees. This event set a new record for an evening of modern and contemporary sales in London.

The collection fetched £296.3 million alone, the most ever attained for London artworks from a single owner. Initially estimated at £190 million, it vastly exceeded expectations. Among the lots, a René Magritte gouache work stunned attendees by selling for £16 million, quadrupling its upper estimate.

Experts suggest this successful auction could bolster London’s global reputation post-Brexit as a key locale for high-value art sales. Thaddaeus Ropac, an international dealer, remarked that the sale demonstrated London’s capabilities in presenting top-quality material.

The sale’s pinnacle was Amedeo Modigliani’s 1917 painting “Seated Nude With Necklace,” bought for £48.2 million. The auction, branded as “Masterpieces From the Lewis Collection,” showcased 25 works from renowned modern and contemporary artists by Lewis. He is notably linked with Tottenham Hotspur and made headlines for insider trading charges, though he received a presidential pardon.