The second largest cigarette maker in the world is making some waves in the art market. British American Tobacco (BTI) sold several paintings last night at a Sotheby's (BID) auction in the Netherlands, picking up $18.5 million last night. This contributed to a record night for the auction firm's Netherlands office. Previously known as the Peter Stuyvesant Collection, the BATartventure Collection includes more than 1,400 pieces and doubled the upper end of its presale estimate, yet another sign that strength is returning to the art market this year – after a year and a half of agony.
In Amsterdam, 161 lots went under the gavel, and only four failed to find a home. The highest price of the evening was paid for Martin Kippenberger's "Dinosaurierei. It was estimated at between 200,000 euros and 300,000 euros. The final price was 1.1 million euros.
In February, another major collection was tapped by Sotheby's for auction fodder. The Zero collection owned by Gerhard and Anna Lenz was good for 47 pieces at a London auction last month. Forty-six lots sold, bringing in 23.2 million pounds.
For BAT, the auction brought in small cash, but the event is a good sign for Sotheby's. Following the financial crisis, the art market was dealt one severe blow after another. Now, it looks like we've turned the corner.
Mark Hurd to Replace Oracle's Larry Ellison?
Laboring Through My Long-Term Portfolio
Corn Prices Soar to a Record High for the Year
