Nicholas Roerich Leads Sotheby's, Online $2.26m 'Modern Discoveries' Auction

A work by Nicholas Roerich was the headline sale at Sotheby's, Online 'Modern Discoveries' auction on October 1.

• The sale totaled $2.26m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 125 works sold totaling $2.26m.
• Estimates totaled: $2.3m (low) and $3.4m (high), excluding premiums.
• The sell-through rate was 77% of the original 162 lots announced.

The star lot was: Nicholas Roerich, Mulbekh (1925), which sold for $156,000, 56% above its $100,000 low estimate. It has not been traded before.

The outperformer sold for 380% above its low estimate. Diego Rivera, Autorretrato (Doble impresión) (1934), sold for $28,800 ($6,000 low estimate). It has been traded once in the past.

• 40 works, or 32%, sold above their high estimate.
• 24 works, or 19%, sold within their low and high estimate.
• 58 works, or 46%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

33 works were bought-in, including: Henri Matisse, Nu assis sur un tabouret (1905), estimated at $40,000 (low) to $60,000 (high). It has been traded 6 times in the past.

Withdrawn before the sale

4 works were withdrawn before the sale, including: Joaquin Torres-Garcia, Bodegón (Naturaleza muerta) (1927) estimated at $35,000 (low) to $55,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.