Purpose and Values
EVERY ONE-OF-A-KIND ITEM IS 100% SOLD SURPASSING THE HIGH ESTIMATE TO ACHIEVE €439,362 / $514,453
PRADA DONATES ITS PROCEEDS TO UNESCO’S COVID-19 GLOBAL EDUCATION COALITION
73% OF BIDDERS NEW TO SOTHEBY’S
“At Prada, we are extremely proud that our Tools of Memory auction was 100% sold. We would like to thank Sotheby’s and all the bidders for their generous participation and for helping UNESCO in their educational programs, actions that we all truly believe in.”
19 October 2020 – 595 bids drove the final total for Prada and Sotheby’s white-glove sale to €439,362 / $514,453 – surpassing its pre-sale estimate of €248,600-337,200. An online sale like no other, every one-of-a-kind item hailed from Miuccia Prada’s final solo Men’s and Women’s fashion shows, which debuted earlier this year. The 72-piece auction saw bidders from 27 countries, pushing almost half the offerings to prices beyond their high estimates. 73% of participants placed bids at Sotheby’s for the first time with 35% of all bidders aged 40 or under. 68% of successful buyers were also new to Sotheby’s.
Prada will donate the proceeds raised at the auction to UNESCO’s COVID-19 Global Education Coalition’s initiatives, in particular its new campaign entitled Keeping girls in the picture as well as the work of the Coalition’s Gender Flagship. These initiatives have been leading efforts worldwide to safeguard learning for students around the world in the face of the unprecedented disruption caused by COVID-19. At the peak of the pandemic, the education of more than 1.5 billion children and youth – 90% of the world’s students – was disrupted, disproportionately impacting girls and women, for whom education is often a lifeline.
After taking centre stage in Prada’s Fall / Winter 2020 fashion shows, 68 bids pushed the combined total for two sculptures by the designer Rem Koolhaas to €83,160 / $97,261 (est. €10,000-14,000). The first, ‘Atlas Statue’ led the sale after achieving €50,400 / $58,946, over ten times the pre-sale estimate of €5,000-7,000, while a second piece, entitled ‘Anti-Hero Statue’ sold for €32,760 / $38,315, before closing the auction (est. €5,000-7,000).
Elsewhere, six photographic prints shot by Gigi Hadid, Daniel Arnold and Philip Meech respectively, fielded 129 bids to achieve prices exponentially beyond their high estimates. Among them was Arnold’s pre-Menswear show photograph of model Bangali Drammeh, which realised €5,292 / $6,189 – 13 times its high estimate (€300-400).
Among the 40 looks offered, an ensemble including an intricately embroidered Organza dress, accompanying choker, metal headband, vanity bracelet and two-tone Mary Jane pumps, commanded the highest price. Offered exclusively in this auction-only, the outfit sold for €17,620 / $20,631, surpassing its pre-sale estimate of €13,000- 15,000. Worn by Theresa Hayes, a wool beaded fringe coat and vanity necklace also realised €16,380 / $19,157 (est. €9,000-12,000), while a complete outfit modelled by Gigi Hadid brought €6,048 / $7,073 (est. €4,000-6,000).
Not available in stores, a tartan wool travel bag and two Saffiano leather galleria tote bags led the offering of handbags, with both lots selling for €8,190 / $9,579 individually. Prada’s Eclipse nylon design also soared beyond its estimate of €1,500-2,400 to bring €6,048 / $7,073.
Two groups of items comprising the soundtrack vinyl by Frédéric Sanchez, polaroids captured during models’ fittings sessions, as well as show invitations and seat cards both fetched €5,796 / $6,779 against a combined pre-sale estimate of €1,400-2000.
Detailed information about the online auction and its results can be found here.
#PradaSothebys #PradaToolsOfMemory #PradaFW20
NOTES TO EDITOR
Since 1913, Prada has been synonymous with cutting-edge style. Its intellectual universe combines concept, structure and image through codes that go beyond trends. Its fashion transcends products, translating conceptuality into a universe that has become a benchmark to those who dare to challenge conventions focusing on experimentation. The Prada brand is part of Prada Group, a global leader in the luxury goods industry, which owns the Miu Miu, Church’s and Car Shoe brands as well, and produces and distributes luxury leather goods, footwear and apparel. It also operates in the food sector with Marchesi 1824, and in the eyewear and fragrance industries under licensing agreements. Its products are sold in 70 countries worldwide through 641 directly operated stores as of December 31, 2019, brand’s e-commerce, a selection of luxury department stores and multi-brand stores in the most prestigious locations as well as the most important e-tailers.
Sotheby’s has been uniting collectors with world-class works of art since 1744. Sotheby’s became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby’s has a global network of 80 offices in 40 countries and presents auctions in 10 different salesrooms, including New York, London, Hong Kong and Paris. Sotheby’s offers collectors the resources of Sotheby’s Financial Services, the world’s only full-service art financing company, as well as Advisory services for collectors, museums, corporations, artists, estates and foundations. Sotheby’s presents private sale opportunities in more than 70 categories, including three retail businesses: Sotheby’s Wine, Sotheby’s Diamonds, and Sotheby’s Home, the online marketplace for interior design.
*Estimates do not include buyer's premium or overhead premium. Prices achieved include the hammer price plus buyer's premium and overhead premium and are net of any fees paid to the purchaser where the purchaser provided an irrevocable bid.
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UNESCO is the United Nations Educational, Scientific and Cultural Organization. Founded in 1945, it seeks to build peace through international cooperation in Education, the Sciences and Culture. Political and economic arrangements of governments are not enough to secure the lasting and sincere support of the peoples; peace must be founded upon dialogue and mutual understanding. Peace must be built upon the intellectual and moral solidarity of humanity. In March 2020, UNESCO established the COVID-19 Global Education Coalition to safeguard learning for all as educational institutions around the world closed to contain the spread of COVID-19. At the peak of the pandemic, closures interrupted the education of more than 1.5 billion - 90% of the world’s students - disproportionately impacting the education of women and girls, for whom education is often a lifeline. The Coalition’s Gender Flagship has been leading collaborative efforts to promote girls’ continuity of learning during closures and a safe return to school once these reopen. A new campaign was launched last week to ensure #LearningNeverStops for every girl everywhere. The benefits of girls’ education are well-known. One additional year of school can increase a woman’s earnings by up to 20%. In short, when women and girls are educated, their lives, the lives of their children, families, communities and countries improve. UNESCO believes that education is a fundamental human right for all and has the power to transform lives.