We heard a rumor that the economy is not well and the art market is hurting. Apparently, the folks attending Sothebyâ€™s Contemporary Day auction donâ€™t agree. Today’s sale yielded solid results, with 337 lots pulling in over 21.5 million USD. Among the amazing lineup of artists, such as Warhol, Basquiat, Kippenberger and Cy Twombly, AM noted the inclusion of two iconic names from the “Urban Art” genre: Shepard Fairey and Banksy.
More after the jump…
Canvases from both artists were available in this daytime contemporary auction and both represented to the fullest, with Shepardâ€™s â€œPeace Goddessâ€ canvas selling for $80,500 USD inclusive of buyer’s premium (estimated: $50-$70k) and Banksyâ€™s â€œSale Ends Todayâ€ canvas fetching $230,000 inclusive of buyer’s premium (estimated: $150k-200k). Is this a sign of whatâ€™s to come for two of urban artâ€™s biggest stars?
In addition, French street photographer JR’s “Favela Morro Da Providencia (From 28 MILLIMETRES: WOMEN)” achieved a fantastic result of $25,000 USD inclusive of buyer’s premium, more than doubling the estimate of $10-12k USD.