Sotheby's Modern and Contemporary Art Auction Totals $12.8m
Concetto spaziale, Attese by Lucio Fontana sold for $2.08m. Image courtesy of Sotheby's
A work by
Lucio Fontana
was the headline sale at Sotheby's 'Modern and Contemporary Art' auction
on May 27 in Milan.
The star lot was:
Lucio Fontana,
Concetto spaziale, Attese (1965), which sold for $2.08m, 153% above its $823,100 low estimate.
It has been traded twice in the past.
Madonna e putti by Lucio Fontana sold for $223,400 (374% above estimate). Image courtesy of Sotheby's
The outperformer sold for 374% above its low estimate.
Lucio Fontana,
Madonna e putti (1947),
sold for $223,400 ($47,000 low estimate).
It has been traded once in the past.
2 works were backed by guarantees, including:
Mario Schifano,
Botticelli 2 (1962).
It sold for $759,500, 115% above its $352,700 low estimate..
It has been traded 3 times in the past.
7 works were bought-in, including:
Emilio Vedova,
Del nostro tempo N. 1 (1970), estimated at $117,600 (low) to $176,400 (high).
It has been traded twice in the past.
2 works were withdrawn before the sale, including:
Carla Accardi,
Grande dittico (1986), estimated at $294,000 (low) to $411,500 (high).
All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls.
Estimates, sale prices and totals are converted into US dollars.
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.
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This article was originally published by HENI.