Lucio Fontana Leads Sotheby's, Online $2.53m 'Contemporary Discoveries' Auction

A work by Lucio Fontana was the headline sale at Sotheby's, Online 'Contemporary Discoveries' auction on May 23.

• The sale totaled $2.53m, meeting the pre-sale estimate.

Snapshot of the sale

• 73 works sold totaling $2.53m.
• Estimates totaled: $2.19m (low) and $3.07m (high), excluding premiums.
• The sell-through rate was 80% of the original 91 lots announced.

The star lot was: Lucio Fontana, Struttura ad elemento di neon (1950), which sold for $285,900, 1200% above its $21,800 low estimate. It has not been traded before.

The outperformer sold for 1200% above its low estimate. Lucio Fontana, Struttura ad elemento di neon (1950), sold for $285,900 ($21,800 low estimate). It has not been traded before.

• 35 works, or 48%, sold above their high estimate.
• 31 works, or 42%, sold within their low and high estimate.
• 7 works, or 10%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

18 works were bought-in, including: Chris Huen Sin Kan, Balltsz and Joel (2020), estimated at $76,100 (low) to $97,900 (high). It has been traded once 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Withdrawn before the sale

0 works were withdrawn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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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