Theo van Rysselberghe Leads Sotheby's $29.98m 'Modern & Contemporary Day Auction' in London

A work by Theo van Rysselberghe was the headline sale at Sotheby's 'Modern & Contemporary Day Auction' on March 7 in London.

• The sale totaled $29.98m, meeting the pre-sale estimate.

Snapshot of the sale

• 163 works sold totaling $29.98m.
• Estimates totaled: $24.97m (low) and $35.84m (high), excluding premiums.
• The sell-through rate was 79% of the original 207 lots announced.

The star lot was: Theo van Rysselberghe, À l'ombre des pins (Agay) or Sous les pins (Agay) (1905), which sold for $1.76m, 175% above its $633,400 low estimate. It has been traded 12 times in the past.

The outperformer sold for 1000% above its low estimate. Hannah Hoch, *Three Forms - I * (1952), sold for $71,200 ($6,334 low estimate). It has been traded twice in the past.

• 82 works, or 50%, sold above their high estimate.
• 69 works, or 42%, sold within their low and high estimate.
• 12 works, or 7%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

5 works were backed by guarantees, including: Frank Auerbach, Head of J.Y.M. (1986). It sold for $647,000, 27% above its $508,800 low estimate..

Works that did not sell

40 works were bought-in, including: Camille Pissarro, Paysage avec meules, Osny (1883), estimated at $633,400 (low) to $886,700 (high). It has been traded 10 times in the past.

Withdrawn before the sale

4 works were withdrawn before the sale, including: Lucio Fontana, Concetto Spaziale (1964) estimated at $190,000 (low) to $253,400 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.