Hans Hofmann Leads Sotheby's, Online $5.6m 'Contemporary Discoveries' Auction

A work by Hans Hofmann was the headline sale at Sotheby's, Online 'Contemporary Discoveries' auction on February 28.

• The sale totaled $5.6m, meeting the pre-sale estimate.

Snapshot of the sale

• 229 works sold totaling $5.6m.
• Estimates totaled: $4.85m (low) and $7.13m (high), excluding premiums.
• The sell-through rate was 85% of the original 271 lots announced.

The star lot was: Hans Hofmann, Untitled #12 (1963), which sold for $279,400, 249% above its $80,000 low estimate. It has been traded 3 times in the past.

The outperformer sold for 535% above its low estimate. Rafael Canogar, Pintura No. 75 (1960), sold for $63,500 ($10,000 low estimate). It has not been traded before.

• 98 works, or 43%, sold above their high estimate.
• 71 works, or 31%, sold within their low and high estimate.
• 60 works, or 26%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

39 works were bought-in, including: Refik Anadol, Machine Hallucinations - MRO Dreams - A (2021), estimated at $120,000 (low) to $180,000 (high).

Withdrawn before the sale

3 works were withdrawn before the sale, including: Rashid Johnson, Black Music (2010) estimated at $100,000 (low) to $150,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.