Sotheby's Modern Sales Bring in $427 Million Despite 'Sober' Market.
Originally Published 2 years ago — by The New York Times
Sotheby's latest Modern Evening Sale brought in $427 million, with over 15 paintings from the collection of Mo Ostin, the music executive, and another 54 lots included in the auction. The sale included works by René Magritte and Gustav Klimt, with Magritte's "Empire of Light" selling for $42.3 million and Klimt's "Island in the Attersee" selling for $53.2 million. However, the auction lacked speed, and there was consensus among some collectors and analysts in the salesroom that declines in speculative bidding and increases in interest rates were hurting business.