The modern and contemporary art auctions in London confirm the centrality of the British market, with Sotheby’s and Phillips as protagonists of significant results and targeted records.
How the London auctions season opened in March
The London sales at the beginning of the month started with momentum thanks to the evening of March 4, 2026 at Sotheby’s. The Modern & Contemporary Evening Auction totaled 31 million pounds, exceeding the pre-auction maximum estimate and closing in so-called white-gloves mode, with 100% of the lots sold.
This is an unexpected result, especially when compared to the twin session of the previous year, which stood at 36.2 million pounds. The 2026 round thus marked an increase of about +110% compared to the equivalent auction of 2025, bringing enthusiasm back to the London market.
Why did the School of London shine at Sotheby’s?
The overall quality of the lots was high, and the proposed collections had significant curatorial weight. In particular, the Lewis Collection, a core dedicated to the School of London, alone generated 35.8 million pounds, confirming the interest in this British painting season.
At the top of the catalog was an intense Self-Portrait by Francis Bacon, dated 1972 and contested in a lively bidding war until it reached 16 million pounds. Additionally, excellent performances also came from Lucian Freud: the works Blond Girl on a Bed (1987) and A Young Painter (1957-58) together totaled about 14.5 million pounds.
The new record of Leon Kossoff
The most surprising moment of the evening came with lot 16, Children’s Swimming Pool, 11 o’clock Saturday Morning, August (1969) by Leon Kossoff. The work started from a low estimate of 300,000 pounds, quickly surpassed by over five minutes of intense bidding in the room and on the phone.
The final price settled at 5,214,000 pounds, including fees, a new auction record for the British painter. This sale brought attention back to the poetics of an artist often overshadowed by his contemporaries, enhancing the critical re-evaluation of his work.
What role did Lucio Fontana and the German collections play?
Another important core came from a private German collection and included a cycle of works by Lucio Fontana. Among these stood out the monumental Concetto Spaziale (1960), a rare work for its scale and historical presence on the international market.
However, despite the importance of the author and the rarity of the piece, the work did not generate the same competition seen for Kossoff. The work was sold at the minimum estimate value for 9,825,000 pounds, a solid result but lacking speculative explosion.
What happened at Christie’s modern and contemporary auctions?
In the same London context, Christie’s presented a selection of modern masterpieces and sculptural interventions from the second half of the 20th century. Among the three modern works in the catalog, Maison de jardinier (1884) by Claude Monet reached 8,215,000 pounds, confirming the resilience of the impressionist master on the international market.
On the sculpture front, Femme debout (1964) by Alberto Giacometti changed hands for 5 million pounds, while the monumental Three Obliques (Walk in) (1969) by Dame Barbara Hepworth and Une Muse (1972) by Constantin Brancusi each surpassed the threshold of 3 million pounds.
Many lots were covered by guarantees, a tool that in some cases, such as for Thin in the Old (1986) by Jean-Michel Basquiat, avoided potentially damaging unsold lots for the market. Overall, the auction confirmed a high profile, in continuity with the good results recorded in October 2025 during the London autumn sessions.
How did Phillips position itself in the same week
The following day it was Phillips’ turn, presenting a more compact selection of works but with some highly significant provenances. At the center of attention was the dispersal of part of the Danish collection of ambassador John L. Loeb Jr., considered of particular importance for the history of Nordic art.
The catalog counted 27 lots, with two withdrawals before the start of sales, and generated a total of 12,964,910 pounds. This is a decrease of about -16% compared to the corresponding session of 2025, with a sales rate of 90% by value and 85% by number of lots.
What were the key results of the Danish collection?
During the evening, a new auction record was set for Anna Ancher: the painting Young Girl Reading a Letter (1902) reached 154,800 pounds. However, the market’s greatest expectations were focused on Vilhelm Hammershøi, at the center of growing interest from international collectors in recent years.
The expectations, however, were not completely met. A work depicting the detail of the spire of St. Peter’s Church in Copenhagen did not find a new buyer and was not sold. Instead, Interior of Woman Placing Branches in Vase on Table (1900) was sold for 1,642,000 pounds, in line with the minimum estimate.
What role did Warhol, Banksy, and El Anatsui play?
From another Northern European collection came Autumn at Leangbukten, Oslofjord (1926) by Harald Sohlberg, which achieved a solid result at 1,093,000 pounds. This outcome confirms the growing attention for early 20th-century Nordic painting, in dialogue with what was seen for the Danish collection.
Among the top lots, in line with Hammershøi’s work, stood out Mao (1973) by Andy Warhol and, above the million-pound threshold, Happy Choppers (2006) by Banksy. Additionally, the material composition Zebra Square (2007) by El Anatsui approached the million mark, confirming interest in contemporary African research.
What do these results indicate for the London auctions?
Overall, the London auctions in early March 2026 outline a lively market, supported by important collections and selective but significant results. The performances of Francis Bacon, Leon Kossoff, Vilhelm Hammershøi, and modern masters demonstrate how London remains a central barometer for the global market.
That said, the reliance on guarantees and the fluctuating performance of some Nordic works invite a cautious reading of the trends. For a broader comparison on the role of international auctions in the contemporary art system, see, for example, Christie’s, Sotheby’s, and the periodic analyses of Artprice, useful for monitoring prices, records, and demand flows globally.
IMAGE: Bacon, Self Portrait, courtesy Sotheby’s
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
