Christie's Impressionist and Modern Art Day and Works on Paper Sale Totals $25.34m

A work by Pablo Picasso was the headline sale at Christie's 'Impressionist and Modern Art Day and Works on Paper Sale' on March 6 in London.

• The sale totaled $25.34m (GBP18.96m), exceeding the pre-sale high estimate.

Snapshot of the sale

• 147 works sold totaling $25.34m.
• Estimates totaled: $15.49m (low) and $23.08m (high), excluding premiums.
• The sell-through rate was 84% of the original 175 lots announced.

The star lot was: Pablo Picasso, Buste d'homme assis (1969), which sold for $2.19m, 304% above its $539,900 low estimate. It has been traded twice in the past.

The outperformer sold for 1199% above its low estimate. Henri de Toulouse-Lautrec, Horse's Head (1879), sold for $26,300 ($2,024 low estimate). It has been traded twice in the past.

• 104 works, or 71%, sold above their high estimate.
• 36 works, or 24%, sold within their low and high estimate.
• 7 works, or 5%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

1 work was backed by a guarantee: Francis Picabia, Les arbres en fleurs à Villeneuve-sur-Yonne (1906). It sold for $882,400, 86% above its $472,400 low estimate. It has been traded 3 times in the past.

Works that did not sell

27 works were bought-in, including: James Ensor, Nature morte aux cerises (1889), estimated at $539,900 (low) to $809,800 (high). It has been traded 5 times in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Bernard Buffet, Bretonne à la collerette de dentelle (1950), estimated at $40,500 (low) to $67,500 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.