Will Hockney’s “Self-Portrait on the Terrace” sell for more than $12 million at Sotheby’s?

What is this market about?

This is a market on the hammer price of David Hockney’s “Self-Portrait on the Terrace” (Lot 117) auction at Sotheby’s, scheduled to take place on May 12, 2021. This market will resolve to “Yes” if the final hammer price exceeds $12 million, and “No” otherwise. The market will resolve according to the hammer price as listed on the official Sotheby’s auction website (https://www.sothebys.com/en/buy/auction/2021/contemporary-art-evening-auction/self-portrait-on-the-terrace-2). In the event of ambiguity in terms of the market outcome, this market will be resolved in good faith at the sole discretion of the Markets Integrity Committee (MIC).