Lucio Fontana Leads Sotheby's, Online $2.53m 'Contemporary Discoveries' Auction
3 min read · 24 May 2024
Struttura ad elemento di neon by Lucio Fontana sold for $285,900. Image courtesy of Sotheby's, Online
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.
Breakdown of results against auction house estimates that are disclosed
- 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Withdrawn before the sale
0 works were withdrawn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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.