3 min read · 13 Apr 2024
Concetto spaziale by Lucio Fontana sold for $1.47m. Image courtesy of Sotheby's
A work by Lucio Fontana was the headline sale at Sotheby's 'Modern & Contemporary Art' auction on April 12 in Milan.
The star lot was: Lucio Fontana, Concetto spaziale (1964), which sold for $1.47m, 13% above its $1.3m low estimate. It has been traded 3 times in the past.
The outperformer sold for 350% above its low estimate. Lucio Fontana, Concetto spaziale (1963), sold for $149,200 ($32,500 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
12 works were bought-in, including: Lucio Fontana, Concetto spaziale (1957), estimated at $433,400 (low) to $650,100 (high). It has been traded twice in the past.
1 work was withdrawn before the sale: Lucio Fontana, Concetto spaziale, Attesa (1968) estimated at $1.08m (low) to $1.63m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.