Sotheby’s Breaks the Auction Record for Artist Banksy

Sotheby’s Contemporary Art Evening Auction set the art world on fire Thursday when Banksy’s hotly-anticipated Devolved Parliament smashed its pre-sale estimate, soaring to £9.9 million and setting a new world record sale for the artist, Banksy.

The monumental canvas, which made headlines around the world even before its appearance in the Sotheby’s London galleries, sparked a 13-minute bidding battle on the phones and in the room.

BANKSY, DEVOLVED PARLIAMENT. SOLD FOR £9,879,500.

Alongside the Banksy, Jean-Michel Basquiat’s electric 1984 canvas Pyro also achieved £9.9 million, confirming the appetite of collectors eager to secure a piece of Pop Art history. The spirited work was followed by Basquiat’s Natives Carrying Things, which achieved £3.3 million.

Watch Sotheby’s video of Basquiat’s Pyro selling for £9.9 million

Against the backdrop of Frieze Week, these works were joined by several other extraordinary paintings, demonstrating the breadth of works from the post-war period.

BASQUIAT, PYRO, 1984. SOLD FOR £9,879,500.

Two works by Albert OehlenIngwertopf (Ginger Pot) and Geigenbau (Lutherie)continues the upward swing of Oehlen’s position in the market, selling for £915,000 and £1.8 million respectively, as a major retrospective of Oehlen’s work opens at the Serpentine Galleries, sponsored by Sotheby’s.

See the moment Jean Dubuffet’s Mélancoliefrom the sought-after Paris Circus series hammers down at £2.6 million

Other highlights of the night included Jean Dubuffet’s Mélancolie, from the celebrated Paris Circus series, inspired a lengthy bidding battle between eight collectors, eventually selling for £2.6 million.

JEAN DUBUFFET, MÉLANCOLIE, 1961. SOLD FOR £2,655,000.

It was not just a strong evening for painting, however, with Lucio Fontana’s exquisite Concetto Spaziale, Natura, also hammering down for £2.5 million — securing a new record for a sculpture by Fontana.

LUCIO FONTANA, CONCETTO SPAZIALE, NATURA, 1959-60. SOLD FOR £2,535,000.

Strength in the market for works by women artists was reinforced through the sale of Nicole Eisenman’s 2015 painting Close to the Edge, which sold for £639,000, marking the first appearance at Sotheby’s for the artist, and Cecily Brown’s The Year of the Scavenger that was inspired by a The Jimi Hendrix Experience album cover and reached £1.6 million.

These successes were joined by a record for Salvatore Scarpitta, whose Housing Developed broke the previous price record for the Italian artist, at £2.5 million. Results for the full sale, which made a total of £54,723,750, can be viewed here.

 

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