Sotheby’s First Singapore Auction in 15 Years Beats Expectations
- Proceeds stood at $17.5 million, beating pre-sale estimate
- Sale marks milestone in Singapore’s position as an art hub
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Sotheby’s said it sold art works worth nearly S$24.5 million ($17.5 million) in its first auction in Singapore in 15 years, beating a pre-sale estimate of about S$18 million.
Nearly half of the works in the sale achieved prices over their high estimates, the auction house said in a statement after proceedings. Walter Spies’s Tierfabel (Animal Fable) sold for just over S$4 million, while a Willem Gerard Hofker composition went for about S$2.3 million and nearly double its high estimate, it said.