Pat Passlof Leads Sotheby's, Online $4.95m 'Contemporary Discoveries' Auction

A work by Pat Passlof was the headline sale at Sotheby's, Online 'Contemporary Discoveries' auction on July 15.

• The sale totaled $4.95m, meeting the pre-sale estimate.

Snapshot of the sale

• 223 works sold totaling $4.95m.
• Estimates totaled: $4.51m (low) and $6.61m (high), excluding premiums.
• The sell-through rate was 79% of the original 281 lots announced.

The star lot was: Pat Passlof, Untitled (1961), which sold for $177,800, 255% above its $50,000 low estimate. It has been traded once in the past.

The outperformer sold for 852% above its low estimate. Richard Lindner, À l'enfant prodige (1961), sold for $95,200 ($10,000 low estimate). It has been traded once in the past.

• 78 works, or 35%, sold above their high estimate.
• 84 works, or 38%, sold within their low and high estimate.
• 61 works, or 27%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

50 works were bought-in, including: Kenny Scharf, BLIP (2019), estimated at $80,000 (low) to $120,000 (high). It has been traded once in the past.

Withdrawn before the sale

8 works were withdrawn before the sale, including: Louise Bourgeois, Untitled (1951) estimated at $40,000 (low) to $60,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.