John Koch Leads Sotheby's Online $2m 'Modern Discoveries' Auction

A work by John Koch was the headline sale at Sotheby's, Online 'Modern Discoveries' auction on July 16.

• The sale totaled $2.14m, exceeding the pre-sale high estimate.

Snapshot of the sale

• 81 works sold totaling $2.14m.
• Estimates totaled: $1.4m (low) and $2.05m (high), excluding premiums.
• The sell-through rate was 79% of the original 102 lots announced.

The star lot was: John Koch, Man Putting on His Shirt (Undated), which sold for $381,000, 4662% above its $8,000 low estimate. It has been traded 4 times in the past.

The outperformer sold for 4662% above its low estimate. John Koch, Man Putting on His Shirt (Undated), sold for $381,000 ($8,000 low estimate). It has been traded 4 times in the past.

• 43 works, or 53%, sold above their high estimate.
• 23 works, or 28%, sold within their low and high estimate.
• 15 works, or 19%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

13 works were bought-in, including: Eugene Boudin, Portrieux, le port (1873), estimated at $35,000 (low) to $45,000 (high). It has been traded 8 times in the past.

Withdrawn before the sale

8 works were withdrawn before the sale, including: Bernard Buffet, Le Torrent (1961) estimated at $120,000 (low) to $180,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.