Sotheby's rebounds with a steady sale of contemporary art

Cheers of relief rang out on Wednesday as the hammer fell on the last lot of Sotheby's contemporary and postwar art auction, which met expectations and helped dim the memory of its shaky Impressionist and modern art sale just 48 hours earlier.

Led by a $35 million Francis Bacon self-portrait study and a $36.7 million Cy Twombly canvas, the sale took in $242.2 million, well within the pre-sale estimate range. Just two of 44 works on offer failed to sell.

Neither of the two star lots had ever been auctioned, bearing out the prevailing wisdom that despite uncertain times, top quality works fresh to the market can perform well. The Bacon self-portrait beat its high estimate, though the Twombly fell just short.