Sotheby's Modern Discoveries Auction Totals $4.88m

A work by Edward Redfield was the headline sale at Sotheby's 'Modern Discoveries' auction on October 1-9 in New York.

• The sale totaled $4.88m, exceeding the pre-sale high estimate.

Snapshot of the sale

• 189 works sold totaling $4.88m.
• Estimates totaled: $3.21m (low) and $4.82m (high), excluding premiums.
• The sell-through rate was 91% of the original 207 lots announced.

The star lot was: Edward Redfield, Overlooking the Valley (1918), which sold for $320,000, 113% above its $150,000 low estimate. It has been traded 3 times in the past.

The outperformer sold for 582% above its low estimate. Hilla von Rebay, Untitled (HRP025) (1945), sold for $204,800 ($30,000 low estimate). It has been traded twice in the past.

• 92 works, or 49%, sold above their high estimate.
• 55 works, or 29%, sold within their low and high estimate.
• 42 works, or 22%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

1 work was backed by a guarantee: Maria Martins, Sem título (1945). It sold for $19,200, 540% above its $3,000 low estimate. It has not been traded before.

Works that did not sell

16 works were bought-in, including: In The Style Of Leonora Carrington, Sueño de sirenas (Bocetos) (1960), estimated at $50,000 (low) to $70,000 (high). It has been traded twice in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Hans Arp, L'Oiseau caravelle, 1965 (1976), estimated at $80,000 (low) to $120,000 (high).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. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.