Sotheby's auctions hits target thanks to Italian art

The comparative total in 2010 was 34 million pounds ($53.6 million). Pre-sale estimates ranged from 35-48.3 million pounds ($55.2-$76.2 million), but when the buyer’s premium is stripped out Thursday’s results hit the lower end of expectations.Sotheby’s is the first of the top two auction houses to hold a major sale during this week’s Frieze Art Fair when collectors from around the world descend on London for a whirlwind of viewings, auctions and parties.Christie’s follows on Friday.Sotheby’s Italian 20th century art sale fetched 21.6 million pounds ($34 million), comfortably within expectations and the highest total for an auction in this category.It included an auction record for Alberto Burri whose “Combustione legno” sold for 3.2 million pounds ($5 million), triple what was expected.The second highest Italian lot on the night was Marino Marini’s bronze sculpture “Cavaliere” which fetched 2.6 million pounds ($4.1 million), well over double its pre-sale estimate. Of 58 lots on offer, 12 went unsold.At the contemporary art auction, Lucian Freud’s “Boy’s Head” was the top lot as predicted raising 3.2 million pounds ($5 million), toward the lower end of estimates.Of the 47 lots on offer, 11 failed to find a buyer, most notably Peter Doig’s snowscape “Bellevarde” which had been valued at 1.5-2.0 million pounds ($2.4-$3.2 million).(1 pound = $1.576)

Sotheby’s Action Statement from #occupywallstreet

Sotheby’s Action Statement – Labor Group
Posted on September 22, 2011 by Nyccamp

This morning activists involved in #OCCUPYWALLSTREET disrupted an art auction at Sotheby’s Art Auctions on the Upper East Side. Last year Sotheby’s made profits of $680 Million Dollars. Their CEO Bill Rupprecht awarded himself a 125% raise. At the same time Sotheby’s has decided to use union busting tactics, demanding over 100 concessions to the IBT 814 Art Handlers Union Contract.

#OCCUPYWALLSTREET supporters are appalled at the persistent attack on workers rights. We support the right of the workers to collectively bargain. Sotheby’s wants all new hires to have no collective bargaining rights, no health benefits and no job security. After locking out their unionized work force, Sotheby’s continues to operate using scabs and a non-union subcontractor. Sotheby’s Art Auctions epitomize the disconnect of the extremely wealthy from the rest of us.

Sotheby’s Art Auctions are a sanctuary for the financial elite; where hedge fund managers & wealthy bankers bid millions of dollars for art objects; while the rest of us struggle to put food on the table because of their actions. These are the same financial elites who were bailed out in their moment of need and now refuse to pay their fair
share in taxes. Many of these Hedge Fund Managers still pay a smaller tax rate than the rest of us. That is our money! End the greed & expose the disconnect!

#OCCUPYWALLSTREET supporters call on the 99% to raid the sanctuaries of the financial elite; to conduct non-violent civil disobedience in the country clubs, luxury shops, and private resorts where the Financial Elite gather; and to show that WE WILL NO LONGER TOLERATE BUSINESS AS USUAL.