The recent Sotheby's Modern evening sale fell short of expectations, generating $152 million instead of the projected $170.3 million to $248.7 million. This decline illustrates that even established artists are vulnerable during economic downturns. The auction began positively with several artworks exceeding their estimates, such as Jean Arp's sculpture selling for $2.9 million. However, significant withdrawals and later underperformance of some notable pieces illustrated inconsistencies in the current market, suggesting the economic pressures facing auction houses and collectors alike.
The Sotheby's Modern evening sale raised only $152m, a stark contrast to previous estimates of $170.3m to $248.7m, revealing economic pressures.
Despite early strong sales, the auction reflected that even renowned artists face challenges, with multiple high-profile withdrawals and inconsistent final prices.
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