Lynne Drexler Leads Bonhams $2.61m 'Post-War & Contemporary Art' Auction in New York

A work by Lynne Drexler was the headline sale at Bonhams 'Post-War & Contemporary Art' auction on May 16 in New York.

• The sale totaled $2.61m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 42 works sold totaling $2.61m.
• Estimates totaled: $3.43m (low) and $5.07m (high), excluding premiums.
• The sell-through rate was 66% of the original 64 lots announced.

The star lot was: Lynne Drexler, Rita's Laundry Line (1981), which sold for $229,100, 350% above its $50,000 low estimate. It has been traded 4 times in the past.

The outperformer sold for 400% above its low estimate. Sandy Calder, Historic Ten (1967), sold for $81,800 ($15,000 low estimate). It has been traded 3 times in the past.

• 13 works, or 31%, sold above their high estimate.
• 27 works, or 64%, sold within their low and high estimate.
• 2 works, or 5%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

21 works were bought-in, including: Andy Warhol, Bomb (1967), estimated at $400,000 (low) to $600,000 (high). It has been traded twice in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Peter Halley, Silver Prison (2005) estimated at $50,000 (low) to $70,000 (high).

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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