Download the HENI News app

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

3 min read  ·  02 Oct 2024

Mulbekh by Nicholas Roerich sold for $156,000.
Image courtesy of Sotheby's, Online

Mulbekh by Nicholas Roerich sold for $156,000. Image courtesy of Sotheby's, Online

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.

Breakdown of results against auction house estimates that are disclosed

Breakdown of results against auction house estimates that are disclosed

  • 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Withdrawn before the sale

4 works were withdrawn before the sale, including: Joaquin Torres-Garcia, Bodegón (Naturaleza muerta) (1927) estimated at $35,000 (low) to $55,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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