Auction houses have provided commercial sponsorship for museum shows for many years now, but Sotheby’s is ramping up its support for the Royal Academy of Art with the auction of ten works expected to raise up to £2.6m for the London institution, which has faced serious financial challenges since the pandemic.
The works, all donated by living Royal Academicians and honorary RAs, go under the hammer next month in a bid to raise funds to “secure the future of the Royal Academy as a place where creativity flourishes and artists can fully realise their vision”, says Batia Ofer, the chair of the Royal Academy Trust.
Two lots, by El Anatsui (est £800,000-£1.2m) and Sean Scully (est £600,000-£800,000), will be included in the flagship March contemporary evening sale on 4 March; the others, by artists including William Kentridge, Tony Cragg, Georg Baselitz, Anish Kapoor, Mimmo Paladino and Jeff Koons will appear in the following day sale.
The Royal Academy was originally founded in 1768 by a group of artists so they had a place to meet and exhibit their works together. In early 1769, they founded the RA Schools. “What they created was a wonderful mechanism for one generation of artists to support and nurture the next generation of artists. And that in effect is still what we’re doing today,” says Rebecca Salter, the president of the RA.
Today, the RA receives no government funding and, so, heavily relies on sponsorship—as well as ticket sales. “It’s been really tough for them in a post-Covid environment,” says Olly Barker, the chairman of Sotheby’s Europe who is heading the sale. Nonetheless the calibre of exhibitions remains excellent, he adds, particularly the recent Kerry James Marshall show, which Sotheby’s sponsored.
Barker notes how the RA has previously done in-house benefit auctions, which Sotheby’s has helped with by providing an auctioneer and other practical support. The March sale is the “first time they’re really taking it onto the main stage of a major auction season”, he adds.
While the auction will provide crucial financial support for the RA, which last year was looking at axing 60 members of staff as part of a cost-cutting drive, blaming “increasing costs and changing visitor behaviours”, Barker acknowledges it also offers Sotheby’s brand visibility. He adds: “It’s philanthropic, it’s about giving back to the community that we support. But we also sponsor museums through different things like our Preferred Programme, which gives our clients exclusive access to major leading institutions in the world. It’s a two-way street.”
