AMERICAN ART ACHIEVES $46 MILLION AT SOTHEBY’S NEW YORK 10 Lots Sell for More than $1 Million 10 Works by Norman Rockwell Total $20 Million – Led by After the Prom, Sold for $9.1 Million – Milton Avery’s Previously-Unknown March and Sally Outdoors Sets New Auction Record for the Artist at $5.7 Million Our Coverage Sponsored by Stribling and Associates
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Today’s auction of American Art at Sotheby’s New York achieved $45,869,625 (est. $33.2/49.7 million)* – among the highest totals for an American Art sale in the last five years**.
- Today’s sell-through rate of 80.7% by lot marks the 5th consecutive American Art auction at Sotheby’s with a sell-through rate over 80%
- Ten lots achieved prices over $1 million, with more than half of all sold lots achieved prices above their high estimates – including eight of the auction’s top ten works
- 10 works by Norman Rockwell totaled $20 million, meeting their combined pre-sale high estimate
o Led by After the Prom, which sold for $9,1,250,000 – the 4thhighest price at auction for the artist (est. $8/12 million). The work was last acquired at Sotheby’s New York in 1995 for $880,000.
o Willie Gillis in Convoy brought $2,285,000, benefiting Gardner High School in Gardner, Massachusetts – the work had been gifted from Rockwell to the school’s principal in 1951
o Sotheby’s has achieved 9 of the top 10 prices at auction for Rockwell, including the record price of $46 million set in December 2013 by Saying Grace
- Milton Avery’s March and Sally Outdoors, which has never been exhibited in public or published in scholarship on the artist, set a new auction record for Avery when it sold for $5,653,000 – well in excess of its $3 million high estimate
o Acquired by the present owners’ mother directly from the artist in 1950 – the year it was painted
o Sotheby’s now holds 4 of the top 5 auction prices for the artist
o One of four artist records set in the auction
- Georgia O’Keeffe’s Lake George Barn fetched $2,965,000 (est. $2.5/3.5 million). The work had remained in the same private collection since 1988, and had not been exhibited publicly since 1989.
- The selection of 19th century works on offer were highlighted by Albert Bierstadt’s Yosemite Valley from 1865, which surpassed its high estimate of $1.5 million to sell for $2,517,000
** Sotheby’s December 2013 American Art auction total of $83.9 million marks the highest result for a sale of American Art at any auction house since May 2008
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Sotheby’s has been uniting collectors with world-class works of art since 1744. Sotheby’s became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby’s presents auctions in 10 different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby’s BidNow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby’s offers collectors the resources of Sotheby’s Financial Services, the world’s only full-service art financing company, as well as private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Contemporary Art department, and two retail businesses, Sotheby’s Diamonds and Sotheby’s Wine. Sotheby’s has a global network of 90 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).
*Estimates do not include buyer’s premium and prices achieved include the hammer price plus buyer’s premium.
