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Sotheby’s Faces Protest as Freud, Burri Top $63 Million Auction

14 October '11 by the editors | Source: www.bloomberg.com

Lucian Freud and Alberto Burri paintings sold for $5 million each in London last night at a Sotheby’s auction overshadowed by concern about market weakness and a protest by U.S. art handlers over a labor dispute.

Bidders had to pass a group of 20 chanting and whistling demonstrators, including three who had flown from New York and promised more action. While the contemporary and 20th-century Italian sale set six artist records and raised 40 million pounds ($63 million), the top presale estimate at hammer prices was 48.3 million pounds. Some paintings went unsold, such as Peter Doig’s “Bellevarde,” valued at as much as 2 million pounds.

“That would have sold a year ago,” the London-based dealer Edmondo di Robilant said. “The mood has changed. Auction houses entice things with high estimates and in the past they’ve been able to sell them. That wasn’t always the case tonight. A number of lots that sold were knocked down against lowered reserves.”

Dealers said economic worries were weighing on some buyers. Even headline-grabbing pieces such as Marc Quinn’s 18-carat gold sculpture of Kate Moss in a yoga pose attracted just one bid. The 2008 “Microcosmos (SIREN)” was knocked down to a bidder represented by Patti Wong of Sotheby’s Asia for 577,250 pounds.

There was also just one telephone bid for the 1952 close-up portrait “Boy’s Head” by Freud, who died in July, aged 88. It was valued at 3 million pounds and fetched 3.2 million pounds.

With buyers spoiled for choice by the $500 million of art on sale in the U.K. this week, 23 percent of the contemporary lots went unsold. The preceding Italian component was more enthusiastically received.


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