Robert Indiana Leads Sotheby's $15.53m 'Contemporary Day Auction, including the Ralph I. Goldenberg Collection' in London
3 min read · 26 Jun 2024
LOVE (Red Outside Red Inside) by Robert Indiana sold for $1.6m. Image courtesy of Sotheby's
A work by Robert Indiana was the headline sale at Sotheby's 'Contemporary Day Auction, including the Ralph I. Goldenberg Collection' on June 26 in London.
- The sale totaled $15.53m, meeting the pre-sale estimate.
Snapshot of the sale
- 105 works sold totaling $15.53m.
- Estimates totaled: $13.55m (low) and $19.15m (high), excluding premiums.
- The sell-through rate was 88% of the original 119 lots announced.
The star lot was: Robert Indiana, LOVE (Red Outside Red Inside) (2000), which sold for $1.6m, 200% above its $509,500 low estimate. It has been traded 3 times in the past.
The outperformer sold for 300% above its low estimate. Brice Marden, St. Barts 2 (1990), sold for $410,700 ($101,900 low estimate). The work was backed by a guarantee. It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
- 48 works, or 46%, sold above their high estimate.
- 45 works, or 43%, sold within their low and high estimate.
- 12 works, or 11%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
63 works were backed by guarantees, including: Brice Marden, Figure (1992). It sold for $410,700, 7% above its $382,100 low estimate.. It has been traded once in the past.
Works that did not sell
13 works were bought-in, including: Peter Doig, Border Country (1999), estimated at $636,800 (low) to $891,500 (high). It has been traded 6 times in the past.
Withdrawn before the sale
1 work was withdrawn before the sale: Tauba Auerbach, Untitled (Fold) (2010) estimated at $318,400 (low) to $445,800 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.
