Antony Gormley Leads Sotheby's $78.77m 'Contemporary Day Auction' in New York

A work by Antony Gormley was the headline sale at Sotheby's 'Contemporary Day Auction' on May 14 in New York.

• The sale totaled $78.77m, meeting the pre-sale estimate.

Snapshot of the sale

• 287 works sold totaling $78.77m.
• Estimates totaled: $64.16m (low) and $91.21m (high), excluding premiums.
• The sell-through rate was 84% of the original 343 lots announced.

The star lot was: Antony Gormley, Angel of the North (1995), which sold for $3.27m, 30% above its $2.5m low estimate. It has been traded twice in the past.

The outperformer sold for 900% above its low estimate. Robert Rauschenberg, Truckstop (1987), sold for $533,400 ($50,000 low estimate). It has been traded 3 times in the past.

• 158 works, or 55%, sold above their high estimate.
• 96 works, or 33%, sold within their low and high estimate.
• 33 works, or 11%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

18 works were backed by guarantees, including: Gerhard Richter, Abstract Painting (1993). It sold for $1.75m, 16% above its $1.5m low estimate.. It has been traded 12 times in the past.

Works that did not sell

42 works were bought-in, including: Lynne Drexler, Sunlit Bay (1963), estimated at $800,000 (low) to $1.2m (high). It has not been traded before.

Withdrawn before the sale

14 works were withdrawn before the sale, including: Jonas Wood, Clipping B3 (Succulent) (2013) estimated at $700,000 (low) to $1m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.