Lee Krasner Leads Rago Arts & Auction Center $3.99m 'Post War & Contemporary Art' Auction in Lambertville

A work by Lee Krasner was the headline sale at Rago Arts & Auction Center 'Post War & Contemporary Art' auction on May 21 in Lambertville.

• The sale totaled $3.99m, meeting the pre-sale estimate.

Snapshot of the sale

• 94 works sold totaling $3.99m.
• Estimates totaled: $3.07m (low) and $4.43m (high), excluding premiums.
• The sell-through rate was 79% of the original 119 lots announced.

The star lot was: Lee Krasner, Past Present Subjunctive (1976), which sold for $685,800, 879% above its $70,000 low estimate. It has not been traded before.

The outperformer sold for 879% above its low estimate. Lee Krasner, Past Present Subjunctive (1976), sold for $685,800 ($70,000 low estimate). It has not been traded before.

• 30 works, or 32%, sold above their high estimate.
• 43 works, or 46%, sold within their low and high estimate.
• 21 works, or 22%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

17 works were bought-in, including: Bernard Frize, Wouf (2007), estimated at $80,000 (low) to $120,000 (high). It has not been traded before.

Withdrawn before the sale

8 works were withdrawn before the sale, including: Tom Wesselmann, From Nude Painting Print (1988) estimated at $100,000 (low) to $150,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.