Auction Watch: Sotheby’s Hammers at £50.6 million and Lisa Brice Sets New Auction Record
Image © Sotheby's / Crude Oil (Vettriano) © Banksy 2005
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Sotheby’s kicked off the March London sales in 2025 with a solid yet unremarkable start. The Evening Sale hammered at £50.6 million, edging just above the low presale estimate - making it a successful auction, though without standout surprises. The key highlight was a record-breaking result for South African painter Lisa Brice, a particularly fitting achievement given the sale’s timing, coinciding with International Women’s Day.
Sotheby’s Modern & Contemporary Evening Auction closed at £50.6 million (£62.5 million with fees), with 34 out of 39 lots selling, resulting in an 87% sell-through rate. Three lots were withdrawn before the sale, including a Gerhard Richter canvas estimated at £5-7 million. Of the five unsold works, all but one were valued below £1 million at the low estimate.
Compared to last year’s equivalent sale, the auction hammered 38% lower, though this aligns with a 43% drop in mid-presale estimates, largely due to 30 fewer lots being offered. This suggests that realistic pricing wasn’t the issue, but rather a significant decline in consignments. The shift is particularly stark when compared to Sotheby’s 2023 equivalent sale, which achieved a hammer total of £137 million across 36 lots - only three fewer than this year. The key difference? The 2023 sale featured five eight-figure lots, highlighting the notable decline in high-value consignments and further reinforcing the softening demand at the upper tier of the market.
Here are the results:
Image © Sotheby's / Cosmic Eyes (in the Milky Lake) © Yoshitomo Nara 2005Banksy's Crude Oil and Nara's Cosmic Eyes Highly Anticipated
Two of the most anticipated lots of the sale were Yoshitomo Nara’s Cosmic Eyes (in The Milky Lane) (2005) and Banksy’s Crude Oil (Vettriano) (2005), both carrying strong market expectations and unique backstories.
Banksy’s Crude Oil (Vettriano), consigned by Blink-182’s Mark Hoppus, came to auction under extraordinary timing - just days after Jack Vettriano, the Scottish artist whose work Banksy appropriated, passed away at age 73. The piece, which was house-backed and third-party guaranteed, was also the only work in the sale to accept cryptocurrency. Ultimately, it outperformed the highest-valued Banksy original from 2024 - Leopard and Lamb (2016), which sold at Phillips for £3 million (hammer). Although Banksy's print market is soft at the moment, this result reinforces the continued high demand for Banksy’s original works in the market.
Meanwhile, Nara’s Cosmic Eyes (in The Milky Lane) carried an estimate of £6-8 million and was showcased at Victoria Beckham’s flagship Bond Street store as part of a pre-sale exhibition. With third-party and house guarantees in place, bidding opened at £5.8 million and escalated over seven minutes to £7.45 million at the hammer (£9 million with fees) - a result places the painting among Nara’s top-selling canvases.
Image © Sotheby's / Camouflage © Andy Warhol 1986-87
American Pop: Warhol and Lichtenstein See Mixed Results
Typically, American Pop artists dominate auction sales, but this year, their presence was noticeably sparse. Among the standout offerings was Andy Warhol’s Camouflage (1986-87) canvas in shades of yellow, orange, and white. Making its second auction appearance, the work hammered at £2 million (£2.5 million with fees) - squarely within its estimate and £1 million higher than its last sale in 2016. Warhol’s Camouflage series is celebrated for its meticulous layering of screenprint techniques, yet these works have shown a slower rate of appreciation compared to his more commercial or figurative pieces.
In the print market, the average value of Warhol’s camouflage works has declined over the past two years, with only three prints entering the market in contrast to six during peak years. Despite this, these prints remain highly accessible entry points into Warhol’s oeuvre.
Beyond Warhol, Roy Lichtenstein also saw two notable works at auction. His Peanut Butter Cup (1962) fell short of expectations, hammering at $900,000 - below its £1 million low estimate - but climbing just over £1 million with fees. His Modern Tapestry (Study) (1967), estimated between £300,000 - £400,000, met expectations, hammering at £300,000 and realising £381,000 with fees.
Image © Sotheby's / After Embah © Lisa Brice 2018Strong Results for Sculptures, and A Record-Breaking Lisa Brice
The most exciting moment of the sale belonged to South African artist Lisa Brice. Her 2018 painting, After Embah (2018), a surreal composition blending figurative and abstract elements with fluid edges and a soft texture, shattered expectations. The work set an impressive new auction record for Brice, hammering at £4.4 million (£5.4 million with fees) - a remarkable leap from its modest £1.5 million high estimate.
Other notable performances came from sculpture works. The sale opened on a strong note with Max Ernst’s bronze sculpture Moonmad (1944), which far exceeded expectations. Carrying a high estimate of £800,000, the work soared to £1.7 million at the hammer (£2.1 million with fees). Other sculptures, including pieces by Antony Gormley, Constantin Brâncuși, and Auguste Rodin, performed steadily, meeting presale estimates.
Pablo Picasso saw strong results with Tête (recto); Tête (verso) (1967), a bold and expressive portrait rendered in vibrant colours and dynamic lines. The work exceeded expectations, hammering at £510,000 (£647,700 with fees). Similarly, Lucian Freud’s Funda and Arvid (1947), a black-and-white illustration featuring a stylised female profile with intricate linework and delicate shading, achieved £1.4 million (£1.7 million with fees).
Stay tuned as results from Sotheby’s day sale roll in, along with updates from Christie’s and Phillips' March London auctions.
Sotheby’s Contemporary Day Auction
Sotheby’s Contemporary Day Auction closed at £6,668,500 with 63/74 lots selling, resulting in an 85% sell-through rate. Of the eleven works unsold, all but Enrico Castellani’s Superficie rossa were valued at or below £100,000 at the low estimate.
Here are the results:
Female Artists: Yayoi Kusama Sets New Benchmarks
Ahead of International Women’s Day, Yayoi Kusama delivered standout results at Sotheby’s Contemporary Day Sale, far surpassing high estimates in both her featured lots. A Blue Bird (1981) and Pond with Fish Lurking (1978) sparked competitive bidding, marking a significant appreciation in value since their last appearances at auction.
A Blue Bird, which last sold at Christie’s in 2005 for just £7,800, soared past its £40,000 high estimate, hammering at £70,000 (£88,900 with fees). Similarly, Pond with Fish Lurking set a new benchmark, achieving £90,000 (£114,300 with fees) against a high estimate of £35,000 - an extraordinary leap from its previous £4,800 result at Christie’s nearly two decades ago.
Kusama’s strong performance underscores the growing demand for her early works, reinforcing her market dominance as one of the most sought-after Contemporary artists.
Contemporary Art: Hirst and Hockney See Tepid Results
Damien Hirst brought three fresh-to-auction works to Sotheby’s, but results were uneven, with two out of three lots falling short of expectations. Butcher’s Love (2008) was the strongest performer, meeting its low estimate of £200,000 and achieving £254,000 with fees. However, Alemethicin (2012) struggled to gain traction, hammering at £70,000 (£88,900 with fees), below its £80,000 low estimate. Similarly, Lactic Dehydrogenase (2013) faced a muted response, selling for £32,000 (£40,640 with fees) against a £40,000 low estimate.
While Hirst remains a staple of the Contemporary market, these results highlight a selective demand for his work, with collectors favouring pieces tied to his most iconic series.
David Hockney typically commands strong results at auction, but The Arrival of Spring in Woldgate, East Yorkshire in 2011 (twenty eleven) - 30 March (2011) saw only modest interest, hammering at its low estimate of £120,000. Notably, the same work last sold at Sotheby’s in 2023 for £139,700, indicating a slight market correction. While works from this series have previously outperformed expectations, the muted bidding suggests collectors may be exploring alternative avenues for high-value Hockney acquisitions.
As demand for Hockney remains robust, future sales will reveal whether collectors are prioritising rarer or historically significant pieces over more recent editions.
Image © Sotheby's / Panda © Takashi Murakami 2003Takashi Murakami’s Panda Surpasses Estimates Amid Louis Vuitton Launch
Takashi Murakami’s Panda (2003) saw strong bidding at Sotheby’s, surpassing its £400,000 high estimate to hammer at £430,000 (£546,100 with fees). The result comes at a moment of renewed interest in Murakami’s work, coinciding with the much-anticipated re-edition of his early 2000s collaboration with Louis Vuitton.
The French fashion house and the Japanese artist have reunited for a revival of their iconic Noughties collection, known for blending Murakami’s playful motifs with Vuitton’s monogram branding. Following the first drop in January, Vuitton has unveiled a second instalment set to launch on 14 March, centring around Murakami’s signature Cherry Blossom pattern. With high-profile endorsements - including Zendaya fronting the campaign - excitement surrounding the collaboration has undoubtedly contributed to Murakami’s momentum at auction.
