Representing the first major test of the art market this year, Sotheby's Modern and Contemporary Evening Auction in London achieved a total of £62.5 million (US$78.6 million) on 4 March (Tuesday).
Three works were withdrawn ahead of the sale, including Gerhard Richter’s Heu (1995), which carried the auction's second-highest estimate of £5 - 7 million. Of the 38 lots that went under the hammer, four failed to sell, resulting in a solid sell-through rate of 90% – perhaps thanks to Sotheby's recently revamped fees structure.
The top lot of the evening was Yoshitomo Nara's Cosmic Eyes (in the Milky Lake) (2005), one of the first to feature his signature "rainbow" or "cosmic" eyes. While it was rare to see the Japanese artist's work headlining a London auction, the painting sold for £9 million (US$11.4 million) after a 10-minute bidding war.
Other high points of the auction came from South African artist Lisa Brice's After Embah (2018), which smashed its pre-sale estimate of £1 million and sold for £5.4 million (US$6.8 million), setting an auction record for the artist. Meanwhile, Banksy's Crude Oil (Vettriano) – one of the night's most highly anticipated lots – fetched £4.3 million (US$5.4 million). The piece, consigned by Blink-182 vocalist and bassist Mark Hoppus, went to a British online bidder.
Lot 10 | Yoshitomo Nara (b.1959) | Cosmic Eyes (in the Milky Lake), acrylic and glitter on canvas
Executed in 2005
162 x 130.2 cm
Provenance:
- Stephen Friedman Gallery, London
- Private Collection, Brazil (acquired from the above)
- Acquired from the above by the present owner
Estimate: £6,000,000 - 8,000,000
Hammer Price: £7,450,000
Sold: £9,027,500 (around US$10.8 million)
Before the auction, Cosmic Eyes (in the Milky Lake) drew attention when it was featured in an exhibition curated by Victoria Beckham at her Dover Street boutique in London, alongside works by some of her favourite artists, including George Condo, Richard Prince, and Yves Klein.
Bidding for the lot opened at £5.5 million and saw four bidders compete for the work, including specialists from New York and a phone bidder represented by Alex Branczik, Head of Modern and Contemporary Art, Europe.
Ultimately, it was Branczik’s client, with paddle number 64, who secured the painting with a winning bid of £7.45 million. With premiums, the final price exceeded £9 million (around US$10.8 million), underscoring the growing global demand for Nara’s work.
Alex Branczik won the lot for his client with paddle number 64
The lot was displayed at Victoria Beckham's boutique in London
An instantly recognizable motif in Nara’s oeuvre, his big-eyed girl paintings have become icons of contemporary Japanese art, particularly beloved by Asian collectors. Seven of his works have surpassed the HK$100 million mark, including his auction record, Knife Behind Back, which sold for HK$195 million in Hong Kong.
While Nara has long been celebrated in Asia, his popularity in Western markets has been a more recent phenomenon. A major milestone came in 2021, when Nice to See You Again (1996) sold for US$15.3 million in New York, making waves as one of the pandemic era's standout sales.
This year marks another key moment in Nara’s career with his first-ever European retrospective. Opening in June, the exhibition will tour the Guggenheim Bilbao Museum in Spain, the Frieder Burda Museum in Germany, and the Hayward Gallery in London. Spanning four decades (1984-2024), the retrospective offers European audiences a comprehensive look at his artistic evolution.
Yoshitomo Nara
Knife Behind Back (2000) set an auction record for Yoshitomo Nara at HK$195 million
Created in 2005, Cosmic Eyes (In the Milky Lake) marks a period of transformation in Nara’s career, signaling his shift beyond the flat, manga-inspired characters of his early works towards depictions of more soulful and human objects.
For Nara, eyes are a bridge between subject and viewer – a gateway to the soul that invites connection and introspection. Unlike earlier works such as Knife Behind Back (2000), which exudes a mischievous and confrontational quality, the girl in Cosmic Eyes has a dreamier, more contemplative gaze; her glittering irises seem to contain an expansive galaxy.
The cover of John Hiatt’s 1975 album Overcoats
Standing in a green dress at the center of a milky white lake, she emits a faint glow against the muted background. The motif of a girl wading or partially submerged in water is a recurring theme in Nara’s work. First appearing in the 1980s, it was notably highlighted in his 1995 solo exhibition In the Deepest Puddle.
This imagery was inspired by the cover of John Hiatt’s 1975 album Overcoats, which shows the singer half-submerged in water. A devoted punk rock fan, Nara often worked late into the night, blasting music and chain-smoking as he immersed himself in his art. This passion for music is reflected in many of his works, adding another layer of emotional depth to his creations.
Lot 8 | Lisa Brice (b.1968) | After Embah, synthetic tempera, gesso and ink on canvas (Auction record for the artist)
Executed in 2018
244 x 205 cm
Provenance:
- Stephen Friedman Gallery, London
- Private Collection, London (acquired from the above)
- Acquired from the above by the present owner
Estimate: £1,000,000 - 1,500,000
Hammer Price: £4,400,000
Sold: £5,408,000 (around US$7 million)
Marking the most exciting bidding battle of the evening, Lisa Brice’s After Embah (2018) – titled in tribute to the late Trinidadian artist, poet, and musician Embah – is a reimagination of the female nude through a contemporary lens.
Opening at £800,000, the lot quickly drew interest from at least six bidders, including several in the room and clients represented by Lisa Dennison, Chairman of Americas, and Phoebe Liu, Client Liaison, Asia Desk.
After nearly seven minutes of intense bidding, Dennison’s client, bidding with paddle number 44, secured the painting with a hammer price of £4.4 million. With fees, the final total reached £5.4 million (around US$7 million), more than doubling Brice’s previous auction record of US$3.2 million, set by its sister painting No Bare Back, after Embah (2017) in New York in 2021.
No Bare Back, after Embah (2017) | Sold: US$3.2 million, Sotheby's New York, 2021 (Previous auction record for the artist)
Drawing from sources like magazines, the internet, personal photographs, and art history, After Embah features women in various stages of undress – self-assured figures inhabiting their own realms with autonomy and defiance.
At the center, a standing figure dominates the composition, bathed in inky cobalt hues reminiscent of the sea and sky. Poised and self-aware, she nods to Trinidadian rapper Nicki Minaj’s iconic stance in her chart-topping Anaconda music video (2014), reclaiming her sexuality with unapologetic confidence. Nearby, a seated figure, alone in a bar with a drink and a cigarette, references Édouard Manet’s Plum Brandy (1877), forming a duo that navigates a space traditionally dominated by men.
A hissing cat, perched atop a scroll inscribed with “Invade your own privacy,” offers a pointed warning to unwelcome intruders. This phrase, a homage to the wisdom that Embah bestowed upon Brice, is echoed in subtle details like an abandoned cowboy hat and a translucent bottle, signaling his lingering presence. Overhead, a provocative bar sign reading “No Bare Back” references local dress codes while carrying a playful innuendo.
The central figure nods to Nicki Minaj’s iconic stance in her Anaconda music video (2014)
The seated figure references Édouard Manet’s Plum Brandy (1877)
Lot 6 | Banksy (b.1974) | Crude Oil (Vettriano), oil on canvas, in artist's frame
Executed in 2005
109.5 x 140.3 cm
Provenance:
- Private Collection, London (acquired directly from the artist)
- Private Collection, London
- Acquired from the above in 2012 by the present owner
Estimate: £3,000,000 - 5,000,000
Hammer Price: £3,500,000
Sold: £4,260,000 (around US$5.5 million)
Another standout of the auction was Banksy’s Crude Oil (Vettriano), part of his famed Vandalized Oils series, in which he reimagines iconic artworks with satirical interventions. In this piece, Banksy reworked Scottish artist Jack Vettriano’s celebrated painting The Singing Butler.
Vettriano’s original depicts a romantic couple dancing in the rain, attended by a butler and maid holding umbrellas. Banksy’s twist introduces two figures in yellow hazmat suits handling a hazardous oil barrel in the background, transforming the idyllic scene into a sharp critique of environmental pollution.
The auction took place just a week after Jack Vettriano’s passing at the age of 73. The Singing Butler remains his most famous work, having set an artist record in 2004 when it sold for £744,800 at Sotheby’s London.
Banksy’s reimagining, however, far exceeded the value of the original. Previously owned by Blink-182 bassist Mark Hoppus, it sold for £4.26 million (around US$5.5 million) to a British private collector.
The Singing Butler set an artist record for Jack Vettriano in 2004 when it sold for £744,800 at Sotheby’s London
Auctioneer Oliver Barker and Mark Hoppus with the present lot
Other Highlight Lots:
Lot 23 | Alberto Burri (1915 - 1995) | Sacco e Nero 3, fabric, burlap, canvas, oil and Vinavil on board
Executed in 1955
100 x 150 cm
Provenance:
- Guglielmo Achille Cavellini Collection, Brescia
- Acquired from the above circa 1975 by the present owner
Estimate: £2,500,000 - 3,500,000
Hammer Price: £4,000,000
Sold: £4,920,000
Lot 20 | Pablo Picasso (1881 - 1973) | Buste de femme, oil on canvas
Executed in Vallauris on 7 July 1953
64.2 x 54 cm
Provenance:
- Riccardo and Magda Jucker, Milan
- Private Collection, Trento (acquired by 1983)
- Thence by descent to the present owners
Estimate: £4,000,000 - 6,000,000
Hammer Price: £3,500,000
Sold: £4,310,000
Auction Details:
Auction House: Sotheby's London
Sale: Modern & Contemporary Evening Auction
Number of Lots: 38
Sold: 34
Unsold: 4
Sale Total: £62,506,800 (US$78.6 million)