3 min read · 01 Oct 2024
Study for Energy Void by Isamu Noguchi sold for $4.65m. Image courtesy of Sotheby's
A work by Isamu Noguchi, which had a guarantee, was the headline sale at Sotheby's 'Art Without Boundaries: The Abrams Family Collection | Live Sale' on September 27 in New York.
The star lot was: Isamu Noguchi, Study for Energy Void (1971), which sold for $4.65m, 32% above its $3.5m low estimate. The work was backed by a guarantee. It has not been traded before.
The outperformer sold for 284% above its low estimate. Allan d'Arcangelo, Guard Rail (1964), sold for $384,000 ($100,000 low estimate). It has been traded twice in the past.
Breakdown of results against auction house estimates that are disclosed
1 work was backed by a guarantee: Isamu Noguchi, Study for Energy Void (1971). It sold for $4.65m, 32% above its $3.5m low estimate. It has not been traded before.
1 work was bought-in: Christo, Package on Luggage Rack (1963), estimated at $100,000 (low) to $150,000 (high). It has been traded once in the past.
1 work was withdrawn before the sale: Robert Indiana, Ballyhoo (1961) estimated at $600,000 (low) to $800,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.