Modern art's saleability was tested at the Philip de Pury & Co's Contemporary Art Evening in London last night ( February 17 ). The auction raised USD 9 million with Lucio Fontana's Concetto spaziale, Attese, the highest priced piece, fetching over a million pounds - around USD 1.65 million. The piece was previously owned by Andy Warhol.

Made in 1960, the Italian artist's plain off white canvas features six vertical cuts, and is one of the 'Spatial Concept' slashed canvasses for which Fontana is best known. One of Warhol's own works was also auctioned, a silk screen Mao that sold for just above USD 720,000. Overall, 92 percent of lots were sold and 89 percent of the target value raised. Also auctioned were works by Damien Hirst, Cindy Sherman, Takashima Murakami and Rudolf Stingel. “We are very pleased with tonight’s strong sell-through rate, which is a reflection of an appealing selection of works at the right estimates,” said Michael McGinnis, Senior Director at Philip de Pury & Co.

Liam Lever, liam@romania-insider.com