3 min read · 15 Mar 2024
Dancers by Fernando Botero sold for $3.92m. Image courtesy of Christie's
A work by Fernando Botero was the headline sale at Christie's 'Latin American Art' auction on March 12 in New York.
The star lot was: Fernando Botero, Dancers (2000), which sold for $3.92m, 150% above its $1.5m low estimate. It has been traded once in the past.
The outperformer sold for 325% above its low estimate. Fernando Botero, Hombre que fuma (1976), sold for $428,400 ($100,000 low estimate).
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
16 works were bought-in, including: Fernando Botero, Bather in the River (2018), estimated at $800,000 (low) to $1.2m (high). It has been traded once in the past.
1 work was withdrawn before the sale: Wifredo Lam, Untitled (1941) estimated at $300,000 (low) to $400,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.