Yoshitomo Nara Leads Sotheby's $79.39m 'Modern & Contemporary Evening Auction' in London

A work by Yoshitomo Nara, which had a guarantee, was the headline sale at Sotheby's 'Modern & Contemporary Evening Auction' on March 4 in London.

• The sale totaled $79.39m (GBP62.51m), meeting the pre-sale estimate.

Snapshot of the sale

• 34 works sold totaling $79.39m.
• Estimates totaled: $63.77m (low) and $93.97m (high), excluding premiums.
• The sell-through rate was 83% of the original 41 lots announced.

The star lot was: Yoshitomo Nara, Cosmic Eyes (in the Milky Lake) (2005), which sold for $11.47m, 51% above its $7.57m low estimate. The work was backed by a guarantee. It has been traded twice in the past.

The outperformer sold for 444% above its low estimate. Lisa Brice, After Embah (2018), sold for $6.87m ($1.26m low estimate). The work was backed by a guarantee. It has been traded twice in the past.

• 11 works, or 32%, sold above their high estimate.
• 17 works, or 50%, sold within their low and high estimate.
• 6 works, or 18%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

16 works were backed by guarantees, including: Yoshitomo Nara, Cosmic Eyes (in the Milky Lake) (2005). It sold for $11.47m, 51% above its $7.57m low estimate.. It has been traded twice in the past.

Works that did not sell

4 works were bought-in, including: Sigmar Polke, Skelett (1974), estimated at $1.26m (low) to $1.89m (high). It has been traded 6 times in the past.

Withdrawn before the sale

3 works were withdrawn before the sale, including: Gerhard Richter, Heu (Hay) (1995) estimated at $6.31m (low) to $8.83m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.