J.M.W. Turner Leads Sotheby's $2.86m 'Master Works on Paper from Five Centuries' Auction in London

A work by J.M.W. Turner, which had a guarantee, was the headline sale at Sotheby's 'Master Works on Paper from Five Centuries' auction on July 2 in London.

• The sale totaled $2.86m (GBP2.08m), meeting the pre-sale estimate.

Snapshot of the sale

• 68 works sold totaling $2.86m.
• Estimates totaled: $2.66m (low) and $3.79m (high), excluding premiums.
• The sell-through rate was 67% of the original 102 lots announced.

The star lot was: J.M.W. Turner, Lake of Geneva from Above Vevey (Undated), which sold for $662,500, 22% above its $542,400 low estimate. The work was backed by a guarantee. It has been traded 6 times in the past.

The outperformer sold for 439% above its low estimate. Roelant Roghman, Horse and Cart and Figures by a wayside Inn (Undated), sold for $73,200 ($13,600 low estimate). It has been traded 8 times in the past.

• 24 works, or 35%, sold above their high estimate.
• 21 works, or 31%, sold within their low and high estimate.
• 23 works, or 34%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

1 work was backed by a guarantee: J.M.W. Turner, Lake of Geneva from Above Vevey (Undated). It sold for $662,500, 22% above its $542,400 low estimate. It has been traded 6 times in the past.

Works that did not sell

33 works were bought-in, including: Isaac Oliver, The Virgin and Child Enthroned (Undated), estimated at $54,200 (low) to $81,400 (high). It has been traded 5 times in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Hubert Robert, Washerwomen and a seated child with a dog, by a grand staircase through a classical arch (Undated) estimated at $16,300 (low) to $24,400 (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. Estimates, sale prices and totals are converted into US dollars. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.