Francesco Guardi Leads Sotheby's $64.7m 'Masterpieces from the Collection of Jordan and Thomas A. Saunders III' Auction in New York

A work by Francesco Guardi, which had a guarantee, was the headline sale at Sotheby's 'Elegance & Wonder: Masterpieces from the Collection of Jordan and Thomas A. Saunders III' auction on May 21 in New York.

• The sale totaled $64.66m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 25 works sold totaling $64.66m.
• Estimates totaled: $77.29m (low) and $112.6m (high), excluding premiums.
• The sell-through rate was 58% of the original 43 lots announced.

The star lot was: Francesco Guardi, Venice, A View of the Punta della Dogana and the Church of Santa Maria della Salute; Venice, A View of the Churches of San Giorgio Maggiore and Santa Maria della Salute (Undated), which sold for $10.5m, 5% above its $10m low estimate. The work was backed by a guarantee. It has been traded 9 times in the past.

The outperformer sold for 217% above its low estimate. Jean Baptiste Santerre, Young Woman Holding a Love Letter (Undated), sold for $254,000 ($80,000 low estimate). The work was backed by a guarantee. It has been traded 3 times in the past.

• 2 works, or 8%, sold above their high estimate.
• 16 works, or 64%, sold within their low and high estimate.
• 7 works, or 28%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

41 works were backed by guarantees, including: Francesco Guardi, Venice, A View of the Punta della Dogana and the Church of Santa Maria della Salute; Venice, A View of the Churches of San Giorgio Maggiore and Santa Maria della Salute (Undated). It sold for $10.5m, 5% above its $10m low estimate.. It has changed hands multiple times in the past.

Works that did not sell

16 works were bought-in, including: Sir Thomas Lawrence, Portrait of Miss Julia Beatrice Peel (1821-1893), Daughter of Prime Minister Sir Robert Peel, with a Spaniel (Undated), estimated at $6m (low) to $8m (high). It has been traded several times in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Francesco Guardi, Venice, A View of the Church of the Redentore (Undated) estimated at $4m (low) to $6m (high).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.