NEW YORK, NY.- Grégoire Billaut, Head of Sotheby’s Contemporary Art Department in New York, said: “Tonight’s results were among the best we have ever achieved, and reinforced the strong and consistent market we have experienced throughout the fall. From a record Contemporary Curated sale in September to our best online sale to-date and a 100%-sold Day Auction in Hong Kong, the market continues to grow across price levels. We saw a depth of bidding throughout the sale from buyers around the globe, and achieved great records for some very deserving names. Our goal is always to deliver for our consignors, and we did just that with an exceptional sell-through rate.”

David Galperin, Head of Sotheby’s Evening Auctions of Contemporary Art in New York, said: “We were privileged to once again be entrusted with works from a number of prestigious private collections, which inspired competition from an international audience throughout the sale. The auction opened with a flurry of bids in another white-glove offering of works from David Teiger’s esteemed collection, which brought to the market the very best examples from both established names and younger artists. From there we saw excitement for a group of four exceptional paintings from a private European collection spanning Basquiat’s career, four exquisite Minimalist works from the collection of Judy Neisser and excellent examples of Christopher Wool’s abstract flower and text paintings from the collection of Norah and Norman Stone, to name just a few of the highlights.”

Sotheby’s Contemporary Art Evening Auction concluded in New York with a total of $362.6 million – an increase of 16.9% over the same sale in 2017. The auction was a remarkable 96.9% sold by lot, representing the 4th consecutive Evening Auction of Contemporary Art at Sotheby’s in New York with a sell-through rate above 95%.

Sotheby’s worldwide sales of Contemporary Art have reached $1.5 billion year-to-date in 2018 – up 23.3% over the same period in 2017.

Tonight’s auction opened with 11 works from the Collection of David Teiger, 100% of which sold for an above-estimate total of $48.5 million (estimate $33.5/47.6 million). The group was led by Willem de Kooning’s Untitled from 1987, achieving $9.3 million. At least nine bidders competed for Dana Schutz’s Her Arms, selling for $795,000 and achieving a new world auction record for the artist.

Sotheby’s sales of the Teiger Collection have crossed $100 million to-date, with auctions extending into 2019. Proceeds from the collection benefit Teiger Foundation – soon to be one of the world’s largest and most significant contemporary art foundations.

Last night’s auction was led by Gerhard Richter’s monumental Abstraktes Bild from 1987, sold for $32 million. Of the 18 works from this period in Richter’s career measuring over 100 inches in both height and width, only 5 remain in private hands. Sotheby’s now holds the top five auction prices for a Richter.

The auction was highlighted by a group of four works by Jean-Michel Basquiat emerging from the same private European collection, all of which sold for a total of $41.1 million. The selection was led by Untitled (Pollo Frito) from his breakthrough year of 1982, which sold for $25.7 million. Taxi, 45th/Broadway, a collaboration painting with Andy Warhol formerly in the collection of Gianni Versace, achieved $9.4 million.

In total tonight, six works by Jean-Michel Basquiat were sold for a combined $50.2 million.

Sotheby’s offered a number of artists for the first time in our Contemporary Art Evening Auctions, including:

· Georgia O’Keeffe, whose A Street sold for $13.3 million and Calla Lilies on Red sold for $6.3 million

o The works were offered from the Georgia O’Keeffe Museum in Santa Fe, New Mexico, and sold to benefit the museum’s Acquisition Fund

· After a nine-minute battle between at least seven bidders, Jacob Lawrence’s The Businessmen sold for $6.2 million – more than double the artist’s previous auction record

· Jack Whitten, whose Ancient Mentor I sold for $2.2 million – a new world auction record for the artist

Works from private collections performed well throughout the evening, with highlights including:

· Works by Robert Ryman, Lucio Fontana, Donald Judd and Cy Twombly from the celebrated collection of Judith Neisser totaled $14.2 million – well above their high estimate of $10 million. Additional works from the Neisser Collection open tomorrow’s Day Auction.

· Two works by Christopher Wool emerging after decades in the private Bay Area collection of Norah and Norman Stone: the abstract flower painting Feet Don’t Fail Me Now from 1995 sold for $8.9 million, and the text painting FUCKEM from 1992 fetched $7.3 million.

· Jasper John’s Flags from 1965-66 was acquired directly from Johns in 1971 by noted collector Betty Asher, and then descended to her son Michael Asher before it was left to his namesake foundation, The Michael Asher Foundation. Tonight the watercolor achieved $5.5 million, with full proceeds to benefit the Foundation’s activities.