3 min read · 17 Oct 2024
Artefact 26 by Sougwen Chung sold for $54,000. Image courtesy of Sotheby's, Online
A work by Sougwen Chung was the headline sale at Sotheby's, Online 'Lumen Prize Anniversary Auction 2024 | An Auction Curated by Auronda Scalera & Alfredo Cramerotti x Lumen Prize' on October 16.
The star lot was: Sougwen Chung, Artefact 26 (Undated), which sold for $54,000, 35% above its $40,000 low estimate. It has not been traded before.
The outperformer sold for 164% above its low estimate. Béatrice Lartigue, The Big Smoke (2023), sold for $13,200 ($5,000 low estimate). It has not been traded before.
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
0 works were bought-in.
0 works were withdrawn
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.