Auction introduction: Effective May 20th, 2024, Sotheby's has lowered its Buyer's Premium rates and removed Overhead Premium for all categories excluding Wine & Spirits. Sotheby's Overhead Premium will only be charged for Wine & Spirits lots. Please refer to the Conditions of Business located on the relevant sale page for the updated rates. The Master Works on Paper from Five Centuries sale once again presents a selection of exceptional drawings, watercolours, gouaches and pastels that together chart in fascinating ways the development of the art of drawing in Europe over the centuries, and the great variety of functions that this many-faceted art form served.