Lucio Fontana Leads Sotheby's $40.44m 'Im Spazio: The Space of Thoughts' Auction in New York

A work by Lucio Fontana, which had a guarantee, was the headline sale at Sotheby's 'Im Spazio: The Space of Thoughts' auction on May 15 in New York.

• The sale totaled $40.44m, nearly meeting the pre-sale high estimate of $41m.

All the works consigned by the gallerist Daniella Luxembourg had a guarantee.

Snapshot of the sale

• 15 works sold totaling $40.44m.
• Estimates totaled: $28.25m (low) and $41.07m (high), excluding premiums.
• The sell-through rate was 100%, so a white-glove sale.

The star lot was: Lucio Fontana, Concetto spaziale, La fine di Dio (1963), which sold for $14.48m, 20% above its $12m low estimate. The work was backed by a guarantee. It has been traded twice in the past.

The outperformer sold for 365% above its low estimate. Lucio Fontana, Concetto Spaziale (1962), sold for $558,800 ($120,000 low estimate). The work was backed by a guarantee. It has been traded 5 times in the past.

• 9 works, or 60%, sold above their high estimate.
• 6 works, or 40%, sold within their low and high estimate.
• 0 works, or 0%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

15 works were backed by guarantees, including: Lucio Fontana, Concetto spaziale, La fine di Dio (1963). It sold for $14.48m, 20% above its $12m low estimate.. It has been traded twice in the past.

Works that did not sell

0 works were bought-in.

Withdrawn before the sale

0 works were withdrawn

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.