ART MARKET WATCH
May 16, 2007SOTHEBY’S $254.9 MILLION CONTEMPORARY SALE
Is $1,000,000 the new $100,000? It certainly seemed that way at Sotheby’s New York
evening sale of contemporary art on May 15, 2007, which saw 41 of the 74 lots sell for over $1 million. The auction total of $254.9 million is a new record for any single sale of contemporary art. Of the 74 lots, 65 found buyers, or almost 88 percent. Prices given here include the auction-house premium of 20 percent on the first $500,000 and 12 percent on the remainder.