3 min read · 02 Oct 2024
Joe 1 by Alex Katz sold for $132,000. Image courtesy of Sotheby's, Online
A work by Alex Katz was the headline sale at Sotheby's, Online 'Art Without Boundaries: The Abrams Family Collection | Online Sale' on September 30.
The star lot was: Alex Katz, Joe 1 (1966), which sold for $132,000, 340% above its $30,000 low estimate. It has been traded twice in the past.
The outperformer sold for 3800% above its low estimate. Mario Yrisarry, Untitled (1971), sold for $78,000 ($2,000 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
1 work was bought-in: Claudio Bravo, The Enigma (1966), estimated at $30,000 (low) to $40,000 (high). It has been traded 4 times in the past.
1 work was withdrawn before the sale: Frank Stella, Moultonboro (1966) estimated at $25,000 (low) to $35,000 (high).
All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls. Sale prices are compared to the auction house’s low estimate, which do not include premiums.
Guarantees: Sometimes an auction house guarantees to pay a seller for a work, regardless of whether the bidding reaches the reserve price, a figure that is typically confidential.
Bought-in: If there are no bids for a work, or if bidding falls short of the reserve price, the lot is unsold or “bought-in”.
Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.
Premiums: Typically a sliding-scale of charges paid in addition to the hammer price by the buyer, plus any other fees.