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For its October 2016 London Contemporary Sale Sotheby’s chose to display a smaller number of artworks (35 versus 53 in October 2015) with a lower Total estimated valuation (*) (28.4 million GBP versus 39.6 million GBP in October 2015).
In total only 8 lots have Low Estimates (LE) above 1 million GBP (versus 12 last year). These are works by artists Christopher Wool, Gerhard Richter, Sigmar Polke, David Hockney, Peter Doig and Jean-Michel Basquiat.
"Hannibal" by Jean-Michel Basquiat has the highest estimate (3.5 to 4.5 million GBP). Next come 3 works by Gerhard Richter with Low Estimates (LE) between 1 to 3 million : "Abstraktes Bild", "Saulen" and "Garten".
Only 3 lots have estimates between 500.000 and 1,000,000 GBP. The majority of artworks (24 out of 35) have Low estimates of less than 500,000 GBP.
Only 2 artworks are guaranteed by the auction house and they are backed by a Third party guarantee : "Guest House Wall" by artist David Hockney (1.8 to 2.5 million GBP) and "Grasshopper" by artist Peter Doig (2.8 to 3.5 million GBP).
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