Mai Trung Thu Leads Bonhams $4.06m 'Impressionist & Modern Art' Auction in New York

A work by Mai Trung Thu was the headline sale at Bonhams 'Impressionist & Modern Art' auction on May 15 in New York.

• The sale totaled $4.06m, exceeding the pre-sale high estimate.

Snapshot of the sale

• 57 works sold totaling $4.06m.
• Estimates totaled: $2.53m (low) and $3.7m (high), excluding premiums.
• The sell-through rate was 84% of the original 68 lots announced.

The star lot was: Mai Trung Thu, La danse de la Licorne (1964), which sold for $622,800, 678% above its $80,000 low estimate. It has been traded twice in the past.

The outperformer sold for 729% above its low estimate. Ubaldo Oppi, Nudo (1925), sold for $99,600 ($12,000 low estimate). It has been traded once in the past.

• 27 works, or 47%, sold above their high estimate.
• 20 works, or 35%, sold within their low and high estimate.
• 10 works, or 18%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

7 works were bought-in, including: Pablo Picasso, Study for the Bather in 'Luncheon on the Grass' after Manet (1960), estimated at $80,000 (low) to $120,000 (high). It has been traded once in the past.

Withdrawn before the sale

4 works were withdrawn before the sale, including: Alberto Giacometti, Tête (1947) estimated at $80,000 (low) to $120,000 (high).

Terms and definitions

All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.