Yves Klein Leads Christie's $68.5m 'Avant-Garde(s)' Auction in Paris

A work by Yves Klein's, which had a guarantee, was the headline sale at Christie's "Avant-Garde(s) including Thinking Italian" auction on October 23 in Paris.

• The sale totaled $68.49m (EUR59.02m), exceeding the pre-sale high estimate.

Snapshot of the sale

• 51 works sold totaling $68.49m.
• Estimates totaled: $36.62m (low) and $53.19m (high), excluding premiums.
• The sell-through rate was 86% of the original 59 lots announced.

The star lot was: Yves Klein, California (1961), which sold for $21.32m. Estimates were undisclosed. The work was backed by a guarantee. It has been traded 4 times in the past.

The outperformer sold for 290% above its low estimate. François-Xavier Lalanne, 'Oie' (1992), sold for $456,900 ($117,000 low estimate). It has not been traded before.

• 24 works, or 48%, sold above their high estimate.
• 24 works, or 48%, sold within their low and high estimate.
• 2 works, or 4%, sold below their low estimate.
• 1 sold with undisclosed estimates.

Guaranteed sales

10 works were backed by guarantees, including: Alberto Giacometti, Standing Woman (1961-62) (1963). It sold for $6.3m, 8% above its $5.8m low estimate.. It has been traded 3 times in the past.

Works that did not sell

6 works were bought-in, including: Odilon Redon, Profile in an Arch, also known as Virgin with Flowers (Undated), estimated at $818,900 (low) to $1.17m (high). It has been traded 3 times in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Max Ernst, The Genius of the Bastille (1960) (1997) estimated at $935,900 (low) to $1.4m (high).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. Estimates, sale prices and totals are converted into US dollars. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.