3 min read · 17 Jul 2024
"Untitled" (Key West) by Felix Gonzalez-Torres sold for $264,000. Image courtesy of Sotheby's, Online
A work by Felix Gonzalez-Torres was the headline sale at Sotheby's, Online 'Contemporary Discoveries' auction on July 16.
The star lot was: Felix Gonzalez-Torres, "Untitled" (Key West) (1992), which sold for $264,000, 275% above its $70,000 low estimate. It has been traded twice in the past.
The outperformer sold for 800% above its low estimate. Marjorie Strider, Girl with Pink Rose (2014), sold for $180,000 ($20,000 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
46 works were bought-in, including: Ai Weiwei, Self-Portrait (2016), estimated at $80,000 (low) to $120,000 (high). It has been traded once in the past.
1 work was withdrawn before the sale: Andy Warhol, Tennessee Williams (1983) estimated at $15,000 (low) to $20,000 (high).
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.