Andy Warhol Leads Bonhams $690,500 Sale of Mid-West Gallerists' Collection

A work by Andy Warhol was the headline sale at Bonhams 'The Collection of Gordon Locksley & George T. Shea' auction on July 31.

• The sale totaled $690,500, falling short of its pre-sale low estimate.

Snapshot of the sale

• 27 works sold totaling $690,500.
• Estimates totaled: $1.18m (low) and $1.81m (high), excluding premiums.
• The sell-through rate was 90% of the original 30 lots announced.

The star lot was: Andy Warhol, Portrait of Locksley Shea Gallery (1975), which sold for $279,900, 6% below its $300,000 low estimate. It has not been traded before.

The outperformer sold for 190% above its low estimate. Andy Warhol, Untitled (Male Nude) (1984), sold for $43,500 ($15,000 low estimate). It has been traded 3 times in the past.

• 8 works, or 30%, sold above their high estimate.
• 8 works, or 30%, sold within their low and high estimate.
• 11 works, or 41%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

3 works were bought-in, including: Brice Marden, Flesh (Back Series) (1967), estimated at $500,000 (low) to $700,000 (high). It has been traded 6 times in the past.

Withdrawn before the sale

0 works were withdrawn

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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