Gathering material for the sales was challenging.
“Everyone was thinking about Brexit,” Gorvy said. “No one wanted to consign unless there was a financial situation that guaranteed security.”
Works by female and black artists continued to entice investors. A painting of a sultry blond, “Portrait de Marjorie Ferry” by Tamara de Lempicka, led Christie’s Impressionist and modern art evening sale after fetching 16.3 million pounds, an auction record for the artist.
Speculators also had success. Los Angeles entrepreneur Stefan Simchowitz sold “The Lemon Bathing Suit,” by Ghana-born painter Amoako Boafo, for 675,000 pounds, about 40 times more than what he paid for it last year.
The auction houses are now turning their attention to competing for works amassed by Linda and Harry Macklowe as part of their divorce and of late financier Don Marron. The two collections could bring about $1 billion to the auction block in May.
“There are independent bubbles happening in the marketplace, but the foundation is strong,” Gorvy said. “On the basis of these sales, it will help the auction houses get material and encourage buyers to buy in May.”
This article was provided by Bloomberg News.