3 min read · 18 May 2024
Rita's Laundry Line by Lynne Drexler sold for $229,100. Image courtesy of Bonhams
A work by Lynne Drexler was the headline sale at Bonhams 'Post-War & Contemporary Art' auction on May 16 in New York.
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.
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
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.
1 work was withdrawn before the sale: Peter Halley, Silver Prison (2005) estimated at $50,000 (low) to $70,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.