Lorenzo di Credi Leads Sotheby's $19.87m 'Old Master and 19th Century Paintings Evening Auction' in London

A work by Lorenzo di Credi, which had a guarantee, was the headline sale at Sotheby's 'Old Master and 19th Century Paintings Evening Auction' on July 2 in London.

• The sale totaled $19.87m (GBP14.47m), meeting the pre-sale estimate.

Snapshot of the sale

• 25 works sold totaling $19.87m.
• Estimates totaled: $15.98m (low) and $24.63m (high), excluding premiums.
• The sell-through rate was 76% of the original 33 lots announced.

The star lot was: Lorenzo di Credi, Saint Quirinus of Neuss (Undated), which sold for $3.74m, 38% above its $2.71m low estimate. The work was backed by a guarantee. It has been traded 11 times in the past.

The outperformer sold for 848% above its low estimate. J.M.W. Turner, The Rising Squall, Hot Wells, from St Vincent's Rock, Bristol (Undated), sold for $2.57m ($270,800 low estimate). It has been traded 6 times in the past.

• 11 works, or 44%, sold above their high estimate.
• 13 works, or 52%, sold within their low and high estimate.
• 1 works, or 4%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

3 works were backed by guarantees, including: Lorenzo di Credi, Saint Quirinus of Neuss (Undated). It sold for $3.74m, 38% above its $2.71m low estimate.. It has been traded 11 times in the past.

Works that did not sell

6 works were bought-in, including: Vilhelm Hammershoi, Interior, setting the table (1895), estimated at $2.71m (low) to $4.06m (high). It has been traded 18 times in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Gaspar Van Wittel, Frascati, a panoramic view of the town and its villas, with shepherds and their flock resting by a stream (Undated) estimated at $162,500 (low) to $243,700 (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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.