Fernando Botero Leads Sotheby's $9.11m 'My Friend, Fernando Botero: The Salomón & Rosita Lerner Collection' Auction in New York

A work by Fernando Botero was the headline sale at Sotheby's 'My Friend, Fernando Botero: The Salomón & Rosita Lerner Collection' auction on March 1 in New York.

• The sale totaled $9.11m, exceeding the pre-sale high estimate.

Snapshot of the sale

• 11 works sold totaling $9.11m.
• Estimates totaled: $4.37m (low) and $6.31m (high), excluding premiums.
• The sell-through rate was 85% of the original 13 lots announced.

The star lot was: Fernando Botero, Florero (1974), which sold for $2.72m, 150% above its $1m low estimate. It has not been traded before.

The outperformer sold for 250% above its low estimate. Fernando Botero, En la arena (1986), sold for $533,400 ($150,000 low estimate). It has not been traded before.

• 10 works, or 91%, sold above their high estimate.
• 1 works, or 9%, sold within their low and high estimate.
• 0 works, or 0%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

1 work was bought-in: Claudio Bravo, Still Life (2004), estimated at $250,000 (low) to $350,000 (high). It has not been traded before.

Withdrawn before the sale

1 work was withdrawn before the sale: Claudio Bravo, My Studio in Tangier (1996) estimated at $150,000 (low) to $200,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.