Felix Gonzalez-Torres Leads Sotheby's, Online $5.32m 'Contemporary Discoveries' Auction

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Felix Gonzalez-Torres Leads Sotheby's, Online $5.32m 'Contemporary Discoveries' Auction

3 min read  ·  17 Jul 2024

"Untitled" (Key West) by Felix Gonzalez-Torres sold for $264,000.
Image courtesy of Sotheby's, Online

"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 sale totaled $5.32m, meeting the pre-sale estimate.

Snapshot of the sale

  • 259 works sold totaling $5.32m.
  • Estimates totaled: $4.51m (low) and $6.55m (high), excluding premiums.
  • The sell-through rate was 85% of the original 306 lots announced.

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

Breakdown of results against auction house estimates that are disclosed

  • 92 works, or 36%, sold above their high estimate.
  • 73 works, or 28%, sold within their low and high estimate.
  • 91 works, or 35%, sold below their low estimate.
  • 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

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.

Withdrawn before the sale

1 work was withdrawn before the sale: Andy Warhol, Tennessee Williams (1983) estimated at $15,000 (low) to $20,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.