LONDON, March 2, 2017 /PRNewswire/ -- Sotheby's (NYSE: BID) March 2017 sales of Impressionist & Modern Art in London achieved $264.4 million (£213.9 million), exceeding their overall low estimate of $208.7 million (£175.5 million). The results represent a 40.7% increase in Dollars and a 68.7% increase in Pounds on the same sales one year ago. The series was anchored by an evening sale that achieved $240.8 million (£194.7 million), the highest for any auction held anywhere in London. Six works were sold for more than $10 million each, including three paintings by Pablo Picasso and others by Gustav Klimt, Amedeo Modigliani and Paul Gauguin.
"We are exceptionally pleased with the strong performance of our Modern and Impressionist sales in London," said Sotheby's President and CEO Tad Smith, adding, "These results are a testament to excellent teamwork by my talented colleagues combined with clients eager to buy quality works at the right prices."
Sotheby's sales of Contemporary Art in London will take place next week on 8 & 9 March and carry a combined low estimate of $116.6 million (£93.3 million).
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Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in 10 different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BidNow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as the collection advisory services of its subsidiary, Art Agency, Partners. Sotheby's presents private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Global Fine Art Division, and two retail businesses, Sotheby's Diamonds and Sotheby's Wine. Sotheby's has a global network of 80 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).
*Estimates do not include buyer's premium. Prices achieved include the hammer price plus buyer's premium and are net of any fees paid to the purchaser where the purchaser provided an irrevocable bid.
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