Bonhams Important Australian Art Auction Totals $1.31m

A work by Howard Arkley was the headline sale at Bonhams 'Important Australian Art' auction on May 5-5 in Sydney.

• The sale totaled $1.31m (AUD1.81m), falling short of its pre-sale low estimate.

Snapshot of the sale

• 37 works sold totaling $1.31m.
• Estimates totaled: $1.38m (low) and $2.02m (high), excluding premiums.
• The sell-through rate was 61% of the original 61 lots announced.

The star lot was: Howard Arkley, Freeway (Exit) (1995), which sold for $664,800, 15% above its $575,100 low estimate. It has been traded 4 times in the past.

The outperformer sold for 763% above its low estimate. Ray Austin Crooke, Interior with Two Girls (Undated), sold for $62,000 ($7,189 low estimate). It has been traded twice in the past.

• 16 works, or 43%, sold above their high estimate.
• 17 works, or 46%, sold within their low and high estimate.
• 4 works, or 11%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

23 works were bought-in, including: Rick Amor, The City 6am (1989), estimated at $50,300 (low) to $64,700 (high). It has been traded 5 times in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: John Brack, Third Daughter (1954), estimated at $5,751 (low) to $8,627 (high).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. Estimates, sale prices and totals are converted into US dollars. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.