Sotheby's Modern and Contemporary Art Auction Totals $12.8m

A work by Lucio Fontana was the headline sale at Sotheby's 'Modern and Contemporary Art' auction on May 27 in Milan.

• The sale totaled $12.8m (EUR11m), exceeding the pre-sale high estimate.

Snapshot of the sale

• 55 works sold totaling $12.8m.
• Estimates totaled: $8.32m (low) and $11.84m (high), excluding premiums.
• The sell-through rate was 86% of the original 64 lots announced.

The star lot was: Lucio Fontana, Concetto spaziale, Attese (1965), which sold for $2.08m, 153% above its $823,100 low estimate. It has been traded twice in the past.

The outperformer sold for 374% above its low estimate. Lucio Fontana, Madonna e putti (1947), sold for $223,400 ($47,000 low estimate). It has been traded once in the past.

• 31 works, or 56%, sold above their high estimate.
• 21 works, or 38%, sold within their low and high estimate.
• 3 works, or 5%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

2 works were backed by guarantees, including: Mario Schifano, Botticelli 2 (1962). It sold for $759,500, 115% above its $352,700 low estimate.. It has been traded 3 times in the past.

Works that did not sell

7 works were bought-in, including: Emilio Vedova, Del nostro tempo N. 1 (1970), estimated at $117,600 (low) to $176,400 (high). It has been traded twice in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Carla Accardi, Grande dittico (1986), estimated at $294,000 (low) to $411,500 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.