3 min read · 09 Oct 2024
L'Arbois, Sainte-Maxime by David Hockney sold for $17.19m. Image courtesy of Sotheby's
A work by David Hockney, which had a guarantee, was the headline sale at Sotheby's 'Contemporary Evening Auction' on October 9 in London.
The star lot was: David Hockney, L'Arbois, Sainte-Maxime (1968), which sold for $17.19m, 84% above its $9.3m low estimate. The work was backed by a guarantee. It has been traded 5 times in the past.
The outperformer sold for 283% above its low estimate. Banksy, Vest (2019), sold for $1.02m ($265,700 low estimate). It has not been traded before.
Breakdown of results against auction house estimates that are disclosed
Martha Jungwirth, The Big Chinese (2020), sold for $313,800, a 30% jump in the artist's auction record.
9 works were backed by guarantees, including:
David Hockney, L'Arbois, Sainte-Maxime (1968). It sold for $17.19m, 84% above its $9.3m low estimate.. It has been traded 5 times in the past.
4 works were bought-in, including: Andy Warhol, Self-Portrait (1963), estimated at $3.99m (low) to $5.31m (high). It has been traded 3 times in the past.
0 works were withdrawn
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.