Gerhard Richter's Early Nude Leads Grisebach $2.51m 'Contemporary Art' Auction in Berlin

A work by Gerhard Richter was the headline sale at Grisebach 'Contemporary Art' auction on May 31 in Berlin.

• The sale totaled $2.51m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 74 works sold totaling $2.51m.
• Estimates totaled: $2.52m (low) and $2.52m (high), excluding premiums.
• The sell-through rate was 67% of the original 110 lots announced.

The star lot was: Gerhard Richter, Nude study (1959), which sold for $151,200, 40% above its $108,000 low estimate. It has not been traded before.

The outperformer sold for 225% above its low estimate. C O Paeffgen, Head of a woman (1992), sold for $27,500 ($8,060 low estimate).

• 70 works, or 95%, sold above their high estimate.
• 0 works, or 0%, sold within their low and high estimate.
• 4 works, or 5%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

36 works were bought-in, including: Sigmar Polke, Untitled (1972), estimated at $96,800 (low) to $96,800 (high). It has not been traded before.

Withdrawn before the sale

0 works were withdrawn

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.