The auction houses seem to have a blasting season. In the last months, we spoke about important art auctions, as the Marc Jacobs Collection or the sale of an important Rothko's masterpiece. But that's not all!
On 12 November, during the auction dedicated to Impressionist and Modern artists, the total sale amounted to 209 million dollars with a triumph of the Tamara de Lempicka's work La Tunique Rose. The starting price for the artwork was 6 million, growing to 11.3 million and finally being sold for a price of 13.3 million, including the premium for the Sotheby's specialist Irina Stepanova. This figure beats the previous Tamara de Lempicka's record established at Christie's New York a year ago. On this occasion, the work titled La Musicienne was awarded for just over 9 million.
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The other news is related to the appointment of Charles F. Stewart as CEO instead of Tad Smith, who will become a shareholder of the company and a senior advisor of Mr Stewart. This decision was taken by the auction house's owner Patrick Drahi, the Franco - Israeli magnate that on June 2018 had announced the agreement for the privatization of the auction house.
“I am thrilled to be joining such a successful and storied organization. Sotheby’s is renowned throughout the world for deep expertise, trusted relationships, and a long history of innovation.” (Charles F. Stewart, Chief Executive Officer, Sotheby's Link)
The release of Tad Smith will cost Sotheby's approximately $ 28.2 million based on a signed agreement that entitles him to receive compensation, including stock options in the event of dismissal as CEO following a transaction. But what strikes, even more, is the apparent inconsistency in the last year's statements by Drahi, in which he declared himself to be very enthusiastic about the possibility to build the future Sotheby's with the present team of senior executives and his current change of management. Indeed, earlier this month, Drahi has replaced both the former commercial director John Cahill and CFO Mike Goss with Jean-Luc Berrebi, former CEO of the Drahi's family office.
Cover image: Tamara de Lempicka, La Tunique Rose, SOLD. 13,362,500 USD . Courtesy Sotheby's