Giorgio Morandi Leads Sotheby's $11.62m 'Contemporary Auction' in Milan
3 min read · 27 Nov 2023
Natura morta by Giorgio Morandi sold for $1.3m. Image courtesy of Sotheby's
A work by Giorgio Morandi was the headline sale at Sotheby's 'Contemporary Auction' on November 22 in Milan.
- The sale totaled $11.62m, meeting the pre-sale estimate.
Snapshot of the sale
- 51 works sold totaling $11.62m.
- Estimates totaled: $8.8m (low) and $12.58m (high), excluding premiums.
- The sell-through rate was 93% of the original 55 lots announced.
The star lot was: Giorgio Morandi, Natura morta (1955), which sold for $1.3m, 21% above its $1.07m low estimate. It has been traded 4 times in the past.
The outperformer sold for 500% above its low estimate. Luigi Ghirri, Senza titolo (Roma) (1979), sold for $16,600 ($2,394 low estimate). It has been traded once in the past.
A talking point was Salvo, Il villaggio (2014), which sold for $276,000, 400% above its $55,000 low estimate. The work has not been traded before.
Breakdown of results against auction house estimates that are disclosed
- 26 works, or 51%, sold above their high estimate.
- 24 works, or 47%, sold within their low and high estimate.
- 1 works, or 2%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
4 works were bought-in, including: Alighiero e Boetti, Ammazzare il tempo (1983), estimated at $427,600 (low) to $641,400 (high). It has been traded twice in the past.
Withdrawn before the sale
0 works were withdrawn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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.