3 min read · 07 Mar 2024
Florero by Fernando Botero sold for $2.72m. Image courtesy of Sotheby's
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 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.
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
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.
1 work was withdrawn before the sale: Claudio Bravo, My Studio in Tangier (1996) estimated at $150,000 (low) to $200,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.