The graphs below, a modified version of
Figure 1 from the paper, shows the total contributions that will be made into the pension plan
over a teacher's working career (the solid black line) versus the actual benefit teachers would receive at a given stage of their career (the black
dotted line).
Among the works that did well were Lot 16, a charming small sculpture, one of three examples down in 1945 - 6, by David Smith, shown above, that sold for $ 220,000 (not including the buyer's premium) and had had a high estimate of $ 150,000; Lot 5, «Atantolone,» a gloss household paint on canvas of colored
dots on a white field that sold for $ 170,000 (not including the buyer's premium), well
over its high estimate of $ 120,000; Lot 14, a large 1943 painted wood and wire sculpture, «Constellation,» by Alexander Calder (1898 - 1976) that sold for $ 1,982,500 (including the buyer's premium), more than double its high estimate, and Lot 24, a larger Calder sculpture, «Trepied,» that sold near its low estimate for $ 1,542,500 (including the buyer's premium); Lot 20, a large and very interesting and abstract but not very colorful 1953 Francis Bacon (1909 - 1992), «Two
Figures at a Window,» that sold above its $ 1.2 million high estimate for $ 1,542,500 (including the buyer's premium); Lot 27, «Tour III» by Brice Marden (b. 1938) that sold within its estimates for $ 1,487,500 (including the buyer's premium), tying the artist's record; Lot 41, «Grillo,» by Jean - Michel Basquiat (1960 - 1988) that sold for $ 1,102,500 (including the buyer's premium), also within its pre-sale estimates; and Lot 31, «Vierwaldstätte See,» a large black and white 1969 landscape by Gerhard Richter (b. 1932) that sold for $ 1,047,500 near its low estimate of $ 1 million.