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Alex Katz Leads Sotheby's, Online $1.5m 'Art Without Boundaries: The Abrams Family Collection | Online Sale'

3 min read  ·  02 Oct 2024

Joe 1 by Alex Katz sold for $132,000.
Image courtesy of Sotheby's, Online

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 sale totaled $1.5m, exceeding the pre-sale high estimate.

Snapshot of the sale

  • 64 works sold totaling $1.5m.
  • Estimates totaled: $934,800 (low) and $1.32m (high), excluding premiums.
  • The sell-through rate was 97% of the original 66 lots announced.

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

Breakdown of results against auction house estimates that are disclosed

  • 30 works, or 47%, sold above their high estimate.
  • 18 works, or 28%, sold within their low and high estimate.
  • 16 works, or 25%, sold below their low estimate.
  • 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

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.

Withdrawn before the sale

1 work was withdrawn before the sale: Frank Stella, Moultonboro (1966) estimated at $25,000 (low) to $35,000 (high).

Terms and definitions

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.