This year’s Art Basel Miami Beach Modern Art Auction was a resounding success with a near-perfect sell-through rate. Of the 47 lots that were offered for sale, 46 found buyers. More than half of the works had irrevocable bids, and over 80 percent of works sold for more than the pre-sale estimate. Only three lots were withdrawn from the auction before the sale began, including a 1932 painting by Georgia O’Keefe, which went for $240.5 million. The overall sale surpassed its pre-sale estimate of $192.2 million to $266.9 million.
The Modern Art Auction is presented by Brunk Auctions on June 10, featuring contemporary artists and works from iconic collections. These pieces are unique and perfect for decorating the home or office. They can be used to decorate an entire room or to create vignettes for a party. Many artists participate in these auctions.
Modern art auctions have become more accessible, with virtual and hybrid auctions becoming commonplace. For example, the recent Phillips auction brought in $21.3 million from online and telephone bidding. The star lot was a rococo-inspired canvas that sold for $2.1 million to an online bidder from Canada.
Contemporary art has emerged as the dominant force in the art market. In the 1990s, the rise of contemporary artists was reinforced by the opening of the Tate Modern. In addition to attracting more art buyers, it has become an alternative investment. The revaluation of the yen prompted Japanese collectors to turn to art as a form of savings.