Antony Gormley Leads Sotheby's $78.77m 'Contemporary Day Auction' in New York
3 min read · 14 May 2024
Angel of the North by Antony Gormley sold for $3.27m. Image courtesy of Sotheby's
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.
Breakdown of results against auction house estimates that are disclosed
- 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Withdrawn before the sale
14 works were withdrawn before the sale, including: Jonas Wood, Clipping B3 (Succulent) (2013) estimated at $700,000 (low) to $1m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.