Ed Ruscha Leads Sotheby's $112.3m 'The Now and Contemporary Evening Auction' in New York

A work by Ed Ruscha, which had a guarantee, was the headline sale at Sotheby's 'The Now and Contemporary Evening Auction' on November 20 in New York.

• The sale totaled $112.3m, meeting the pre-sale estimate.

Snapshot of the sale

• 35 works sold totaling $112.3m.
• Estimates totaled: $108.4m (low) and $158.5m (high), excluding premiums.
• The sell-through rate was 81% of the original 43 lots announced.

The star lot was: Ed Ruscha, Georges' Flag (1999), which sold for $13.65m, 70% above its $8m low estimate. The work was backed by a guarantee. It has been traded 3 times in the past.

The outperformer sold for 580% above its low estimate. Adam Pendleton, Black Dada (K) (2022), sold for $1.02m ($150,000 low estimate). It has been traded once in the past.

• 19 works, or 54%, sold above their high estimate.
• 13 works, or 37%, sold within their low and high estimate.
• 3 works, or 9%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

14 works were backed by guarantees, including: Willem de Kooning, Untitled XXV (1982). It sold for $10.94m, 21% above its $9m low estimate.. It has been traded twice in the past.

Works that did not sell

5 works were bought-in, including: Jeff Koons, Woman in Tub (1988), estimated at $10m (low) to $15m (high). It has been traded 3 times in the past.

Withdrawn before the sale

3 works were withdrawn before the sale, including: Richard Diebenkorn, Ocean Park #102 (1977) estimated at $3m (low) to $5m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.