Sotheby's modern art evening sale produced $303.4 million in total sales after fees, with a hammer total of $256.5 million. The sale offered 45 lots and sold 41, with one lot bought in and three lots withdrawn to improve presentation. The sell-through rate was 97.6 percent, and accounting for withdrawn lots it was 91 percent. The top lot was Henri Matisse’s La Chaise Lorraine, estimated at $25 million, which sold for $48.4 million after buyer’s premium and guarantor financing fees. Results were within the projected presale range, with the hammer total exceeding the adjusted presale low estimate by $16.7 million. Twenty-nine lots were guaranteed, with most covered by house guarantees and third-party guarantees.
"Total Sales After Fees: $303.4 million Total Sales of Equivalent Sale Last Year: $187 million Hammer Total: $256.5 million Top Seller: La Chaise Lorraine (circa 1919) by Henri Matisse sold for $48.4 million Lots on Offer: 45 Lots Sold: 41 Lots Bought In: 1 Sell-through Rate: 97.6 percent Lots Withdrawn: 3 (one was a Tiffany lamp, estimated at $600,000 to $800,000 and guaranteed by the house) Total Low Estimate of Withdrawn Lots: $5.1 million Sell-through Rate, Accounting for Withdrawn Lots: 91 percent"
"Original Presale Low Estimate: $244.9 million Actual Presale Low Estimate after Withdrawn Lots: $239.8 million Hammer Total vs. Actual Presale Low Estimate: +$16.7 million Lots Guaranteed: 29 Lots With House Guarantees: 28 Lots With Third-Party Guarantees: 28 Total Low Estimate of Guaranteed Lots: $207.1 million (85 percent of total presale low estimate) Total Low Estimate of Lots with House Guarantee: $600,000 (0.25 percent of total presale low estimate) Total Low Estimate of Third-Party Guaranteed Lots: $211.5 million (86.7 percent of total presale low estimate)"
"Lasting Memory: A long bidding war for Matisse's La Chaise Lorraine, which was estimated at $25 million and began at $21 million. About 10 minutes later, the hammer fell at $41.5 million, $48.4 million after buyer's premium was added and financing fees for the guarantor subtracted."
Read at Artnet News
Unable to calculate read time
Collection
[
|
...
]