Ed Ruscha Leads Christie's $302m '20th Century Evening Sale' in New York

A work by Ed Ruscha was the headline sale at Christie's '20th Century Evening Sale' on November 19 in New York.

• The sale totaled $302m, meeting the pre-sale estimate.

Snapshot of the sale

• 41 works sold totaling $302m.
• Estimates totaled: $283.2m (low) and $402.2m (high), excluding premiums.
• The sell-through rate was 73% of the original 56 lots announced.

The star lot was: Ed Ruscha, Standard Station, Ten-Cent Western Being Torn in Half (1964), which sold for $68.26m, 36% above its $50m low estimate. It has been traded 3 times in the past.

The outperformer sold for 432% above its low estimate. Christian Schad, Anna Gabbioneta (1927), sold for $3.2m ($600,000 low estimate). The work was backed by a guarantee. It has been traded 6 times in the past.

• 11 works, or 27%, sold above their high estimate.
• 27 works, or 66%, sold within their low and high estimate.
• 3 works, or 7%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

26 works were backed by guarantees, including: Alberto Giacometti, Femme qui marche (II),1932-1936 (1961). It sold for $26.63m, 33% above its $20m low estimate.. It has been traded 3 times in the past.

Works that did not sell

12 works were bought-in, including: Henri Julien Felix Rousseau, Femme en rouge dans la fôret (1905), estimated at $10m (low) to $20m (high). It has been traded 8 times in the past.

Withdrawn before the sale

3 works were withdrawn before the sale, including: Brice Marden, 9 (Air) (1987) estimated at $10m (low) to $15m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.