Gertrude Abercrombie Leads Rago $2.05m Post War & Contemporary Art Auction

A work by Gertrude Abercrombie was the headline sale at Rago 'Post War & Contemporary Art' auction on March 18.

• The sale totaled $2.05m, meeting the pre-sale estimate.

Snapshot of the sale

• 57 works sold totaling $2.05m.
• Estimates totaled: $1.46m (low) and $2.16m (high), excluding premiums.
• The sell-through rate was 89% of the original 64 lots announced.

The star lot was: Gertrude Abercrombie, Little Owl and Moon (1956), which sold for $256,000, 326% above its $60,000 low estimate. It has not been traded before.

The outperformer sold for 380% above its low estimate. Milton Avery, Lone Pine Early Morning (1953), sold for $57,600 ($12,000 low estimate). It has not been traded before.

• 19 works, or 33%, sold above their high estimate.
• 18 works, or 32%, sold within their low and high estimate.
• 20 works, or 35%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

5 works were bought-in, including: Robert Longo, Study for Ascension (1982), estimated at $50,000 (low) to $70,000 (high). It has not been traded before.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Andy Warhol, Parrot (1983), estimated at $150,000 (low) to $250,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.