Sotheby’s ‘Modern & Contemporary Art’ auction, held in Milan, exceeded all expectations, reaching 11.2 million euros, above the maximum estimate set between 7.3 and 10.3 million. It is one of the highest results of the last fifteen years for the Milan branch of the auction house and the best autumn result since 2022: a clear signal of the solidity of the market despite a still cautious international panorama.
Once again, Lucio Fontana, now an authentic barometer of the Italian market, dominated the auction. Three of his works have exceeded the million mark. The metal masterpiece “Concetto spatial” from 1965, testimony to the artist’s reflection on light and matter after his famous trip to New York, was sold for 1.6 million after a close competition between three bidders. The white water-based paint “Concetto spatial, Attese”, with three vertical cuts, reached 1.4 million, while the vermilion red variant, coming from the historic Castellani Collection where it had been kept since 1965, reached 1.1 million, greatly exceeding expectations.
According to Francesca Lumina, Head of Sale, the results of Fontana and the other Italian protagonists confirm “the constant interest in works capable of combining quality, history and research”. And indeed the auction highlighted a strong demand for artists who represent the backbone of twentieth-century Italian art. This is the case of Alberto Burri, with “Bianco CN 3”, which jumped to 660,400 euros after forty years spent in the same Japanese collection; by Emilio Vedova, pushed by the bidders to 571,500 euros for “Spagna n.4”; and by Giorgio de Chirico, whose “Archeologi” decisively exceeded its high estimate, reaching 596,900 euros. Mario Schifano also recorded a brilliant result with an “Untitled” which more than doubled the initial estimate, stopping at 330,200 euros.
However, the Milanese auction did not only speak Italian. International interest was evident in the performances of Jan Fabre, who with “A Spiritual Space (Shrine)” more than doubled its high estimate, reaching 508,000 euros; by Jannis Kounellis, protagonist of an award for 234,000 euros, triple compared to expectations; and Hans Hartung, who with “T1963-R25” received raises from four bidders up to 241,300 euros. Christo, contested by three participants, and Marcel Broodthaers also contributed to lively competition in all price ranges.
For Sotheby’s Milan, this auction brings the annual total to 34 million euros, confirming a path of constant growth and ever-increasing international attractiveness. “There was an intense energy in the room, with solid participation from Italian collectors and strong international involvement”, commented Marta Giani, Head of Contemporary Art at Sotheby’s Milan. And that participation translated into eloquent numbers: most lots exceeded their high estimates, online bidders weighed in decisively and almost a quarter of buyers were making their debut at Sotheby’s auctions. Giani observed: the Milanese auction confirms itself as “an international meeting point for modern and contemporary art”, capable of speaking to collectors of different generations and backgrounds”.