Bernard Buffet Leads Sotheby's $10.39m 'Modern Day Auction' in London

A work by Bernard Buffet was the headline sale at Sotheby's 'Modern Day Auction' on March 5 in London.

• The sale totaled $10.39m (GBP8.11m), meeting the pre-sale estimate.

Snapshot of the sale

• 80 works sold totaling $10.39m.
• Estimates totaled: $9.55m (low) and $14.19m (high), excluding premiums.
• The sell-through rate was 73% of the original 109 lots announced.

The star lot was: Bernard Buffet, Clown à l'oiseau (1998), which sold for $830,400, 118% above its $379,200 low estimate. It has been traded once in the past.

The outperformer sold for 544% above its low estimate. David Burliuk, Positano (Undated), sold for $65,100 ($10,100 low estimate). It has been traded 6 times in the past.

• 48 works, or 60%, sold above their high estimate.
• 20 works, or 25%, sold within their low and high estimate.
• 12 works, or 15%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

2 works were backed by guarantees, including: Camille Pissarro, La Ronde (1892). It sold for $268,700, 14% below its $316,000 low estimate.. It has been traded 7 times in the past.

Works that did not sell

25 works were bought-in, including: Bernard Buffet, La Tour Eiffel, vue du Trocadéro (1972), estimated at $505,600 (low) to $758,400 (high). It has been traded 4 times in the past.

Withdrawn before the sale

4 works were withdrawn before the sale, including: Bernard Buffet, Torero (1958) estimated at $316,000 (low) to $442,400 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.