Sotheby's Prints Part II Including Picasso Ceramics Auction Totals $2.96m

A work by Roy Lichtenstein was the headline sale at Sotheby's 'Prints Part II Including Picasso Ceramics' auction on October 9 in New York.

• The sale totaled $2.96m, meeting the pre-sale estimate.

Snapshot of the sale

• 179 works sold totaling $2.96m.
• Estimates totaled: $2.22m (low) and $3.32m (high), excluding premiums.
• The sell-through rate was 92% of the original 194 lots announced.

The star lot was: Roy Lichtenstein, Roommates, from the Nudes series (1994), which sold for $256,000, 28% above its $200,000 low estimate.

The outperformer sold for 625% above its low estimate. Milton Avery, Nude with Long Torso (Reclining Nude), from Laurels Portfolio (1948), sold for $10,900 ($1,500 low estimate).

• 73 works, or 41%, sold above their high estimate.
• 54 works, or 30%, sold within their low and high estimate.
• 52 works, or 29%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

14 works were bought-in, including: Ed Ruscha, Safe and Effective Medication (2001), estimated at $30,000 (low) to $50,000 (high).

Withdrawn before the sale

1 work was withdrawn before the sale: Sam Francis, Pioggia D'Oro (Golden Rain) (1988), estimated at $5,000 (low) to $7,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.