Roy Lichtenstein Leads Sotheby's $97m 'Contemporary Day Auction' in New York

A work by Roy Lichtenstein, which had a guarantee, was the headline sale at Sotheby's 'Contemporary Day Auction' on May 16 in New York.

• The sale totaled $97.15m, meeting the pre-sale estimate.

Snapshot of the sale

• 285 works sold totaling $97.15m.
• Estimates totaled: $72.41m (low) and $104.8m (high), excluding premiums.
• The sell-through rate was 81% of the original 350 lots announced.

The star lot was: Roy Lichtenstein, Interior with African Mask (Study) (1990), which sold for $2.52m, 215% above its $800,000 low estimate. The work was backed by a guarantee. It has been traded once in the past.

The outperformer sold for 966% above its low estimate. Jean Dubuffet, Robinet (1965), sold for $533,400 ($50,000 low estimate). The work was backed by a guarantee. It has been traded twice in the past.

• 154 works, or 54%, sold above their high estimate.
• 96 works, or 34%, sold within their low and high estimate.
• 34 works, or 12%, sold below their low estimate.
• 1 sold with undisclosed estimates.

Guaranteed sales

72 works were backed by guarantees, including: David Hockney, Terrace Hollywood Hills House with Banana Tree (1982). It sold for $2.49m, 107% above its $1.2m low estimate.. It has been traded 3 times in the past.

Works that did not sell

49 works were bought-in, including: Yayoi Kusama, Infinity Nets (2000), estimated at $800,000 (low) to $1.2m (high). It has been traded once in the past.

Withdrawn before the sale

16 works were withdrawn before the sale, including: George Condo, The Endless Journey (2022) estimated at $1.5m (low) to $2m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.