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  • Meet the Collectors: Nancy Olnick and Giorgio Spanu Share the Passion and Vision Behind Magazzino Italian Art

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    “Arte Povera” at Magazzino Italian Art in Cold Spring, New York. Photo by Marco Anelli/Tommaso Sacconi

    Nancy Olnick might never have dedicated herself to Italian art without meeting Giorgio Spanu and Spanu might never have entered the world of art collecting—or reconnected with his homeland—if it weren’t for Olnick. Had the two not come together around this shared passion for art and culture, Magazzino Italian Art would likely not exist. Since its founding in 2017, the institution has become the leading U.S. platform for Italian art and a catalyst for its study and appreciation worldwide.

    To learn more about their collecting journey and the institution’s history, we met the two collectors and patrons on a late-autumn day in Cold Spring, where Magazzino rises from the luxuriant Hudson Valley landscape. The clear, geometric volumes of Miguel Quismondo’s redesigned warehouse and the Robert Olnick Pavilion, created by Quismondo with Alberto Campo Baeza, stand in striking contrast to the surrounding greenery.

    Since they met 32 years ago, Olnick and Spanu have shared a passionate journey in collecting—one that has accompanied their relationship and ultimately led to the creation of Magazzino. Olnick describes this journey as “very organic for their life.”

    Five individuals stand together in a white gallery space beneath a wall text reading “STAND HERE YOU ARE ART,” with one person elevated on a wooden pedestal.Five individuals stand together in a white gallery space beneath a wall text reading “STAND HERE YOU ARE ART,” with one person elevated on a wooden pedestal.
    (l. to r.) Magazzino Italian Art director Adam Sheffer; Rosalia Pasqualina di Marineo of Fondazione Piero Manzoni; Nancy Olnick and Giorgio Spanu, cofounders of Magazzino; and Nicola Lucchi, the museum’s director of research and education. Alexa Hoyer

    From the start, collecting for Olnick and Spanu was about more than simply buying and possessing. It has been a process—one that began with learning and naturally evolved into sharing their passion with others. “For us, it is much less about possessing than it is about engaging and educating—that’s what motivates us,” Olnick tells Observer.

    From day one, Olnick and Spanu set a rule never to purchase anything before educating themselves. “We learn, we collect and we’ve been gathering books and research materials for as long as we’ve been collecting art,” Olnick explains. “That’s what made it interesting: it wasn’t just about acquiring, it was about learning. Otherwise, what’s the point?”

    The expansion of Magazzino Italian Art with the new Robert Olnick Pavilion was driven largely by a desire to move beyond merely displaying part of their collection—focused primarily on Arte Povera—in the existing 11,000-square-foot L-shaped warehouse. Their goal was to integrate exhibitions with educational and public programming, just as they had always envisioned for the museum and to advance their mission of fostering appreciation for Italian art and culture while making a tangible impact on the local community.

    As Spanu explains while guiding us through the new building, before they even began designing it, they made one thing clear to the architect: two dedicated spaces, one for research and one for education, had to be part of the project.

    Magazzino now houses a Research Center with a library of more than 5,000 volumes on Italian art and culture. This hub serves scholars, students and curators studying Italian art in an international context and is complemented by a fellowship and research program dedicated to postwar and contemporary Italian art—particularly Arte Povera, a movement still largely underappreciated internationally despite the relevance of its ideas and practices today, as evidenced by last year’s exhibition at Pinault Collection’s Bourse de Commerce.

    Aerial view of Magazzino Italian Art showcasing the expanded Robert Olnick Pavilion, a minimalist concrete complex set amid the green Hudson Valley landscape.Aerial view of Magazzino Italian Art showcasing the expanded Robert Olnick Pavilion, a minimalist concrete complex set amid the green Hudson Valley landscape.
    Magazzino Italian Art completed its Robert Olnick Pavilion expansion in 2023. Photo by William Mulvihill

    The local response has been enthusiastic, particularly among schools that lack such opportunities across the river and in nearby communities. What Magazzino offers is entirely free, driven by Olnick and Spanu’s commitment to expanding cultural access and creating opportunities for the community—especially for underserved schools in the surrounding area.

    “We have the town of Philipstown and some of the surrounding communities coming here to learn how to do art-centered object teaching,” explains Spanu, gesturing toward works in the classroom. “Those programs have been oversubscribed with waitlists, so we now have two of those coming up, so that our program can become part of the curriculum on a regular basis.”

    This focus on education and research has profoundly reshaped not only the museum’s mission and local impact but also its internal structure. Previously, Magazzino had a single director overseeing programming and operations for the warehouse, with only limited external initiatives beyond the Arte Povera collection on view. Last September, however, Magazzino announced a new leadership team to guide its growth, naming Adam Sheffer as director, Paola Mura as artistic director, Monica Eisner as chief operating officer and Nicola Lucchi as director of education at the Germano Celant Research Center.

    The creation of the education center also made room for a new lower-floor design gallery. “From the beginning, I wanted to expand our mission to include Italian design,” Spanu explains, introducing us to the work of Japanese-born, Venice-based glass artist Yoichi Ohira, currently on view in the space. Long overlooked but collected for years by the couple, Ohira developed a distinctive aesthetic that merges Japanese ceramic traditions with Venetian Murano glass mastery.

    The couple has followed Ohira’s work since 1996 and he was among the first artists they collected as part of their extensive Murano glass holdings, which began around 1992. Over the years, they have assembled one of the most comprehensive collections of works by Murano-based artists and designers, focusing on contemporary reinterpretations of glass rather than traditional Murano production.

    Dark-walled gallery displaying rows of illuminated glass vessels in various shapes and vibrant colors arranged along two perpendicular shelves.Dark-walled gallery displaying rows of illuminated glass vessels in various shapes and vibrant colors arranged along two perpendicular shelves.
    “Yoichi Ohira: Japan in Murano” at Magazzino Italian Art. © Marco Anelli/Tommaso Sacconi

    The couple began seriously collecting Murano glass after visiting a major exhibition dedicated to it in Venice during one of their trips to Italy. Olnick had just started to take an interest, occasionally browsing postwar Murano glass in New York—particularly pieces from the 1950s that had made their way to the U.S. after the war. Then a serendipitous moment changed the course of their collecting: on a flight to Milan in 1992, they spotted a small notice in an in-flight magazine about a show in Venice at Fondazione Cini Stampalia. They decided to make a detour, and the experience opened their eyes to the artistic depth and diversity of Murano glass.

    They began collecting in earnest between 1993 and 1994, when they gained access to an important trove that would become the heart of their collection. “I was pregnant. I still remember—it was February 1994, and we suddenly had access to an existing collection of glass that had been put together by an American,” Olnick recalls. Through a chance phone call with a friend, she learned that a warehouse in the Hamptons held an entire collection of Murano glass that had just become available. She and Spanu, guided by friends from the Barovier family, visited and found themselves “like kids in a candy store,” discovering what turned out to be the collection of Muriel Karasick. With her New York gallery, Karasick had introduced Murano glass to American collectors and artists alike. “Warhol used to go to her store. She was also a photographer and had started a great collection of Mapplethorpe. In fact, Mapplethorpe started collecting Murano glass thanks to Muriel, who showed it to him for the first time,” Olnick explains. Acquiring that group of works marked the true beginning of their deep engagement with glass.

    In 2003, their glass collection was presented at the Museum of Arts and Design—then still the American Craft Museum—in New York. “The show happened just organically,” recounts Olnick. A friend from high school called her after decades, saying she had seen some glass they had loaned to Montreal and wanted to organize an exhibition of their collection. “We had never even thought of it as a collection—you know, it was just things we liked. We never had that mentality of being ‘collectors,’” Olnick admits. She recalls how, on opening night, she turned to Giorgio and asked, “Who do you think is going to come see this?” “It was packed,” she says. “It reminds me of when we first opened in Cold Spring. That first day, I thought, ‘Who is going to come all the way to Cold Spring to see Arte Povera?’ Well, at first it was slow, but now people from all over come to visit.”

    Gallery view showing several abstract mixed-media wall pieces composed of woven fibers and wood in warm earthy tones.Gallery view showing several abstract mixed-media wall pieces composed of woven fibers and wood in warm earthy tones.
    Cinema in Piazza is Magazzino Italian Art’s annual film series, held in the museum’s “piazza.” hoto by Alexa Hoyer. Courtesy Magazzino Italian Art.

    Most importantly, the show resulted in a catalog—now in its second edition—that remains one of the few publications to map and examine this vital side of Italian design, exploring its connections with international creators and the dialogue between tradition and contemporary innovation. “That book became the beginning—not only of collecting together, but of realizing that as much as we were showing this work to teach others, we were also teaching ourselves,” Olnick reflects. Publishing catalogs alongside each exhibition has since become a core part of Magazzino’s mission.

    The story of how the couple assembled one of the most significant collections of Italian art unfolded in much the same organic way—not from a fixed plan, but from curiosity, chance encounters and a shared willingness to follow their passion wherever it led.

    Before Olnick met Giorgio, she was collecting American Pop Art. “I was born and raised in New York, so Pop Art was my era, my environment,” she reflects. Yet as an avid reader and lifelong art lover, she was also, as she puts it, an Italophile. “That was always part of me—just as you asked how I started. But Italy pulled me in. I went as often as I could, immersing myself in the music, the food and the culture,” she explains.

    Portrait of Nancy Olnick and Giorgio Spanu standing together in front of a concrete wall, dressed in black.Portrait of Nancy Olnick and Giorgio Spanu standing together in front of a concrete wall, dressed in black.
    Nancy Olnick and Giorgio Spanu, cofounders of Magazzino Italian Art. Photo by Marco Anelli.

    After marrying, the couple moved with their daughter to Rome for a few years, eager to learn more about Italian culture and its contemporary artists. Through friends, Spanu and Olnick met Sauro Bocchi, a gallerist deeply connected to Rome’s artistic circles, who introduced them to postwar Italian art and, in particular, Arte Povera. As the couple recalled in a post on Magazzino’s website announcing his passing, “Bocchi didn’t want to follow trends and gave an opportunity to many women artists such as Giosetta Fioroni, Cloti Ricciardi, Lisa Montessori and Maria Lai, which was not easy at the time.” When they asked him where to begin learning about Arte Povera, he advised, “Go to Torino, go to Castello di Rivoli and then come back and we’ll talk.”

    As Olnick remembers, it was an Arte Povera exhibition curated by Rudi Fuchs, the celebrated curator from the Stedelijk. “We walked around like people walk around Magazzino now—completely taken aback. We went back to Rome and sat down with Sauro. He asked us what we liked and we said, ‘We liked everything.’”

    Spanu admits that without Nancy, he might never have embraced Italian art. Having spent more than a decade in Paris working in communications and marketing, he was steeped in the art of the great Parisian avant-garde and pioneering postwar movements. “She’s the one who brought me back to Italy,” Spanu says. “I was very much a Francophile. My love was for Klee, Dubuffet, Picasso, Matisse. I really didn’t know much about contemporary Italian art—probably less than Nancy.”

    Together, the couple began to study, visit galleries, ask questions and learn. Another of their earliest mentors was gallerist Mario Pieroni, who played a fundamental role in shaping their taste and collection. From him, they acquired their first six Arte Povera works—one each from the key members of the movement still alive at the time. They soon developed close relationships with several of the artists but have recently watched with sadness as many of them have passed away, often without receiving the international recognition they deserve. This has made their mission feel even more urgent, deepening their commitment to preserving and honoring these legacies.

    Still, Spanu and Olnick remain intent on broadening their mission beyond a singular focus on Arte Povera, dedicating themselves to the reassessment and proper presentation of other figures in Italian postwar and contemporary art—as seen most recently in their thoughtful surveys of Maria Lai and Lucio Pozzi. At the same time, they are eager to revive their program for on-site commissions by younger Italian artists.

    The couple admits they came late to acquiring works by other postwar Italian masters such as Lucio Fontana and Piero Manzoni, whose pieces they collected when possible, though they often couldn’t afford the most significant ones.

    A contemporary gallery space features a long wall timeline marked with years from 1958 to the early 1960s, glass display cases, and a white cube-like structure with a glowing yellow interior. One monochromatic artwork hangs on the far wall.A contemporary gallery space features a long wall timeline marked with years from 1958 to the early 1960s, glass display cases, and a white cube-like structure with a glowing yellow interior. One monochromatic artwork hangs on the far wall.
    “Piero Manzoni: Total Space” presents a focused exploration of one of the most radical artists of the postwar avant-garde in Italy. Photo Credit: Alexa Hoyer

    The couple was recently recognized for their dedication with a major gift of two significant works by Piero Manzoni, donated under a joint decision by the artist’s foundation and Hauser & Wirth. The works are two room-size immersive environments conceived but never realized by Manzoni in 1961, shortly before his death at age 29. Far ahead of his time, Manzoni envisioned immersive installations decades before the idea of “immersive art” entered mainstream discourse. These environments represent the culmination of his radical exploration of the “dematerialization of art,” paired with an emphasis on the viewer’s experience and co-creation, serving as a sharp critique of authorship and the commodification of art.

    These visionary projects by Manzoni first moved from concept to reality for his 2019 museum-quality exhibition at Hauser & Wirth’s New York and Los Angeles galleries. Afterward, they went into storage—until now, when they found their ideal permanent home at Magazzino Italian Art. “She felt Magazzino was the perfect place to receive these works, to keep them alive and to ensure they could one day be shared again,” says Magazzino’s director, Adam Sheffer. “She did not expect us to move so quickly.” In fact, Magazzino responded that they intended to stage a show in September. The foundation initially assumed she meant 2026, but Sheffer clarified it would be September 2025—just six weeks away. Despite the ambitious timeline, there was a shared determination to make it happen.

    Two minimalist monochromatic artworks hang on a white gallery wall. The piece on the left features textured white paint on a rectangular canvas with a gray border, while the one on the right consists of horizontal folds or ridges on a white surface.Two minimalist monochromatic artworks hang on a white gallery wall. The piece on the left features textured white paint on a rectangular canvas with a gray border, while the one on the right consists of horizontal folds or ridges on a white surface.
    Piero Manzoni’s Achrome, 1958 (left) and his Achrome, 1958-59 (right), on view in “Piero Manzoni: Total Space.” Photo Credit: Alexa Hoyer

    To honor and celebrate this major donation, Magazzino Italian Art is presenting “Piero Manzoni: Total Space,” on view through March 23. The exhibition reintroduces these visionary installations to the public, alongside exceptional examples of his Achromes from the late 1950s on loan from American collections. As Manzoni conceived them, one room is filled with light, immersing the viewer in an experience of pure dematerialization, transience and disorientation; the other is completely dark, its walls covered in fur, heightening the viewer’s physical awareness and sensory engagement. To contemporary audiences, both installations seem to anticipate—decades ahead of their time—the complexities of our relationship with the virtual and the tangible.

    A woman in a black top and purple skirt walks through a small, enclosed room bathed in vivid green light, her figure blurred slightly in motion.A woman in a black top and purple skirt walks through a small, enclosed room bathed in vivid green light, her figure blurred slightly in motion.
    At the center of the current show are two immersive environments conceived by Piero Manzoni in 1961: the Stanza fosforescente (Phosphorescent Room) and the Stanza pelosa (Hairy Room). hoto Credit: Alexa Hoyer

    Meet the Collectors: Nancy Olnick and Giorgio Spanu Share the Passion and Vision Behind Magazzino Italian Art

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    Elisa Carollo

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  • London Sees Its Best Evening Auction Results in Years

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    The October evening sales brought the London auction houses their highest totals in years. Courtesy of Sotheby’s

    Sales aren’t just buoyant at Frieze this week—London’s auction houses also saw their strongest results in years, signaling renewed confidence at the top of the market. Kicking off the action, Christie’s 20th/21st Century London Evening Sale on October 15 achieved a robust £106,925,400 ($142,852,000), marking the auction house’s best Frieze Week evening sale in more than seven years. The total was up 30 percent from last year, with 92 percent sold by lot and 90 percent sold by value. Katharine Arnold and Keith Gill, vice-chairmen of 20th/21st century art, Christie’s Europe, reported entering the week with confidence and “carefully priced material,” noting a “spirited and well-attended” public viewing at King Street. “We are proud to have realized such a solid outcome during Frieze Week, a moment that highlights the energy and cultural vitality of London’s art scene,” they told press.

    Leading the sale was Peter Doig’s monumental Ski Jacket (1994), which sold for £14,270,000 ($19,064,720) against a £6,000,000-8,000,000 estimate after more than 13 minutes of fierce bidding between six contenders. Carrying a third-party guarantee, the painting had been acquired in 1994 by Danish collector Ole Faarup, and 100 percent of the proceeds will now go to his foundation. This unusual arrangement also helped Christie’s secure two additional Doigs, despite the artist having become a rare presence at auction.

    With an extensive exhibition history, Doig’s Country Rock (1998-1999) nearly hit seven figures in sterling—though it comfortably did so in dollars—achieving £9,210,000 ($12,304,560). A third, more abstract and heavily textured work, also acquired by Faarup in 1994, sold a few lots later just shy of its high estimate at £635,000. The strong results coincided with the opening of Doig’s new show at the Serpentine in London, further fueling demand.

    Christie’s evening opened with a standout result for Domenico Gnoli, whose hyperrealistic painting fetched £977,000, doubling its low estimate. Immediately after, a more impressionistic landscape by René Magritte landed at £762,990—well above expectations—reinforcing both continued momentum for the artist and the broader strength of surrealism. Later in the sale, Magritte’s drawing La veillée (The Vigil) exceeded its £500,000 high estimate, selling for £812,800.

    Auctioneer gestures from the Christie’s podium during the sale of Peter Doig’s Ski Jacket, with the painting and multi-currency price list displayed on large screens behind him.Auctioneer gestures from the Christie’s podium during the sale of Peter Doig’s Ski Jacket, with the painting and multi-currency price list displayed on large screens behind him.
    The 20th/21st Century: London Evening Sale at Christie’s resulted in several new artist records. Photo: Guy Bell | Courtesy of Christie’s

    Picasso, as usual, delivered dependable results, with several works selling above or within estimate, including the £2,002,000 oil and ink on panel Chevalier, pages et moine. The modern and impressionist offerings also performed within expectations, largely due to the quality of the material: a Marc Chagall painting fetched £2,246,000, while a lyrical bucolic scene by Nabis painter Maurice Denis sold for £1,697,000. Meanwhile, a horizontal abstract work by Hurvin Anderson exceeded expectations, fetching £3,222,000.

    The sale also set several new world auction records, underscoring the ongoing momentum for women artists and long-overlooked names being rediscovered. Paula Rego’s Dancing Ostriches from Walt Disney’s “Fantasia” (1995) soared to £3,466,000 ($4.63 million), setting a new landmark record for the artist. Suzanne Valadon’s Deux nus ou Le bain (1923) followed with a £1,016,000 ($1.36 million) record. Contemporary sculptor Annie Morris’s Bronze Stack 9, Copper Blue (2015) achieved £482,600 ($644,754), while Danish artist Esben Weile Kjær set his first auction record with Aske and Johan upside down kissing in Power Play at Kunstforeningen GL STRAND (2020), which sold for £25,400 ($33,934).

    Among the few unsold works of the night were Yoshitomo Nara’s drawing Haze Days, which failed to find a buyer at its ambitious £6.5-8.5 million estimate, and a gray monochrome by Gerhard Richter—even with the artist opening a major survey at the Fondation Louis Vuitton during Paris Art Week. A black Blinky Palermo also went unsold, while a colorful but slightly less iconic Nicholas Party work, Tree Trunks, was withdrawn ahead of the sale.

    Notably, Christie’s reported that 56 percent of buyers in the evening sale came from Europe, the Middle East and Africa, with only 28 percent from the Americas and 16 percent from the Asia-Pacific region. This confirms revived demand in the regional market, as also evidenced earlier in the day by the heavy attendance at Frieze.

    A £17.6M Bacon headlined at Sotheby’s

    Led by a £17.6 million Francis Bacon, Sotheby’s Contemporary Evening Auction closed at $63.5 million. While the total was less than half of Christie’s the night before, the comparison needs context: this was Sotheby’s third major London evening sale since March—whereas it was Christie’s first of the season. Sotheby’s has already staged two major white-glove sales this year—the £101 million Karpidas collection auction in September and the £84 million Summer Evening Sale—meaning that with last night’s results, the house has now sold £233 million worth of modern and contemporary art in London since March. Moreover, the £63.5 million total marked the highest October evening sale result since 2023, up 25 percent from the previous year.

    A Sotheby’s auctioneer leans on the podium in front of Francis Bacon’s painting, with a Basquiat work partially visible beside it and an audience seated in the foreground.A Sotheby’s auctioneer leans on the podium in front of Francis Bacon’s painting, with a Basquiat work partially visible beside it and an audience seated in the foreground.
    Since March, Sotheby’s has sold £240 million worth of Modern and Contemporary art in London. Courtesy Sotheby’s

    “Frieze is always a special time for London, with so many collectors in town whose presence we always feel in our sales,” Ottilie Windsor, co-head of contemporary art, Sotheby’s London, told Observer. “It was great to have them with us tonight and to see so much live action in the room, helping sustain the strong momentum we’ve built over the past few seasons here.”

    The Francis Bacon result came after 20 minutes of suspense and fierce bidding across multiple phone specialists and a bidder in the room, pushing the final price to nearly double its £6-9 million estimate. In U.S. dollars, the hammer plus fees rose to $17.6 million. For comparison, the last notable Bacon—Portrait of Man with Glasses II—sold at Christie’s in March for £6,635,000 ($8.4 million), and that work was almost a third smaller. Another, smaller Bacon, closer in scale to Christie’s example, sold here for £5,774,000 ($7.3 million). Bacon’s record still stands at $142.4 million, set at Christie’s New York in 2013 with his triptych Three Studies of Lucian Freud.

    The sale opened strong, with solid results for several younger contemporary artists who have recently drawn both market and institutional attention. At lot one, a painting by Ser Serpas landed at £27,940 ($35,700)—just under estimate but still enough to set a new auction record for the artist. The California-born painter, who studied in Switzerland and gained early recognition there, was recently included in a MoMA PS1 exhibition and held a solo show at Kunsthalle Basel during the June fairs.

    Two of the hottest rising names in recent auctions—driven largely by Asian demand and limited primary-market availability—followed. An abstract by Emma McIntyre, now a Zwirner favorite, sold for £50,800 ($65,000), and Yu Nishimura achieved the same price. Both works carried estimates of £40,000-60,000, reflecting the tight competition at this level.

    In between, a 2009 painting by Hernan Bas acquired from Perrotin sold just above its low estimate, likely to its guarantor, at £254,000 ($323,000). Momentum continued for Lucy Bull, whose kaleidoscopic abstraction from 2021—originally acquired from Paris gallery High Art—more than doubled its top estimate of £500,000 ($635,000), landing at £1,260,000 ($1.6 million) after being chased by five bidders, most from Asia.

    Overall, the auction confirmed the ongoing strength of the market for women artists, all of whom sold above estimate. Sotheby’s also posted strong results for Paula Rego: her pastel on paper Snow White Playing with her Father’s Trophies sold within estimate for £900,000 (about $1.15 million), while Jenny Saville’s charcoal study exceeded its high estimate, selling for £533,000 (around $675,000).

    Among other notable six-figure results, a monumental El Anatsui sold just shy of its high estimate at £1,999,000 (about $2.53 million). Jean-Michel Basquiat’s Untitled (The Arm) from 1982—a pivotal year in the artist’s rise—landed squarely within estimate at £5,530,000 (approximately $7 million). Andy Warhol’s Four Pink Marilyn (Reversal) followed, selling within estimate for £4,326,000 (about $5.5 million).

    The masters also held firm. Both of Auguste Rodin’s monumental sculptures from his seminal series The Burghers of Calais sold within estimate to a collector in the room: Jean de Fiennes, vêtu, Grand Modèle achieved £762,000 ($1 million), while Pierre de Wiessant, vita, Grand Modèle, vêtu sold for £889,000 ($1.2 million).

    The market for Lucio Fontana also showed signs of recovery—at least for major works. His rare blue 14-slashed Concetto spaziale, Attese sold just above estimate at £2.8 million (about $3.7 million) following a fierce bidding war among four potential buyers. The deep blue of the canvas was inspired by Yves Klein’s IKB pigment—but Klein’s own Untitled Fire Colour Painting (FC 28), which appeared one lot earlier, surprisingly went unsold after failing to meet its £1.8-2 million estimate ($2.3-2.5 million), despite both an irrevocable bid and a guarantee.

    Other unsold works of the night included paintings by Frank Auerbach and Daniel Richter. Still, Sotheby’s achieved a healthy 89 percent sell-through rate by lot.

    On October 17, Sotheby’s also staged a single-owner sale of 17 iPad drawings by David Hockney from his celebrated series The Arrival of Spring. The results were remarkable: the group doubled its high estimate to reach £6.2 million ($8.3 million), achieving a white-glove sale and setting a new auction record for the artist. With this result, Sotheby’s London has now brought in £240 million (approximately $304 million) since March. Notably, American buyers accounted for 40 percent of the purchasers in the Hockney sale, underscoring the continued global demand for blue-chip British artists.

    A £2,374,000 Basquiat tops Phillips’ London Evening Sale

    On October 16 at 5 p.m., Phillips hosted its London Modern & Contemporary Evening Sale, achieving a total of £10,332,200 ($13,884,410) across 22 lots. The auction was more modest—and less successful—than the others, posting a 32 percent drop compared to last year after four lots failed to sell and four others were withdrawn before the start. The evening was led by a new auction record for Emma McIntyre: Seven types of ambiguity (2021) sold for £167,700 ($225,355) from a modest £50,000-70,000 estimate, edging past her previous record of $201,600 set in May 2025 at Phillips Hong Kong. The second-highest lot of the night was Jean-Michel Basquiat’s Untitled (Pestus) (1982), which comfortably met its pre-sale estimate at £2,374,000 ($3,190,181).

    A Phillips auctioneer points to the room beside screens displaying Jean-Michel Basquiat’s Pestus and its current bids in multiple currencies.A Phillips auctioneer points to the room beside screens displaying Jean-Michel Basquiat’s Pestus and its current bids in multiple currencies.
    An energetic moment from Phillips’s London Modern & Contemporary Art Evening Sale. Courtesy Phillips

    Once again, contemporary women artists confirmed their momentum at Phillips, reaching a high point after Emma McIntyre’s record-setting result when Flora Yukhnovich’s My Body knows Un-Heard of Songs (2017) fetched £1,276,000 ($1,714,689) against a £900,000-1,500,000 estimate.

    Opening the sale was a purple-and-pink abstraction by Martha Jungwirth—now a familiar presence across Thaddaeus Ropac’s fair booths—which exceeded expectations at £180,600. A few lots later, an early work by Sasha Gordon sold just shy of its high estimate at £116,100. Demand for Gordon has been reignited by her blockbuster solo debut at Zwirner in New York, which made her the youngest artist represented by the mega-gallery. Painted in 2019 during her studies, Drive Through marks a transitional moment in her shift toward the more discursive, cartoon-inflected style that catapulted her into the global spotlight.

    Later in the sale, Noah Davis’s Mitrice Richardson (2012) found a buyer within estimate at £451,500 ($606,726), while Derek Fordjour’s Regatta Pattern Study (2020) fetched £528,900 ($710,736), surpassing its high estimate of £500,000. Other notable results included Sean Scully’s Wall of Light Summer Night 5.10 (2010), which achieved £967,500 ($1,300,127) against a £600,000-800,000 estimate, and Robert Rauschenberg’s Gospel Yodel (Salvage Series), which sold for £709,500 ($953,426), more than doubling its £350,000-550,000 estimate. A 2012 sculpture by Bernar Venet fetched £516,000 ($693,401) from a £250,000-350,000 estimate, reflecting the artist’s rising demand—particularly in Asia.

    Not everything landed. A Warhol-inspired Banksy portrait of Kate Moss, estimated at £700,000-1,000,000, failed to find a buyer, while a cacophonic abstract work by Sigmar Polke from 1983-84 also went unsold, likely due to its overly ambitious £600,000-800,000 estimate relative to current market demand for the artist.

    For Olivia Thornton, Phillips’s head of modern and contemporary art, Europe, the overall positive auction reflected “the vibrancy of contemporary collecting” and reaffirmed London’s enduring magnetism: “London remains the cultural crossroads of the global art market.”

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    London Sees Its Best Evening Auction Results in Years

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    Elisa Carollo

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