Rene Magritte Leads Christie's $9.8m 'Impressionist and Modern Works on Paper' Auction in New York

A work by Rene Magritte was the headline sale at Christie's 'Impressionist and Modern Works on Paper' auction on May 13 in New York.

• The sale totaled $9.8m, exceeding the pre-sale high estimate.

Snapshot of the sale

• 72 works sold totaling $9.8m.
• Estimates totaled: $6.43m (low) and $9.62m (high), excluding premiums.
• The sell-through rate was 86% of the original 84 lots announced.

The star lot was: Rene Magritte, Sans titre (1961), which sold for $1.13m, 88% above its $600,000 low estimate. It has been traded once in the past.

The outperformer sold for 656% above its low estimate. Georges Valmier, Nature morte (1919), sold for $22,700 ($3,000 low estimate). It has been traded twice in the past.

• 43 works, or 60%, sold above their high estimate.
• 24 works, or 33%, sold within their low and high estimate.
• 5 works, or 7%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

5 works were backed by guarantees, including: Pablo Picasso, Le bain turc (1968). It sold for $453,600, 29% above its $350,000 low estimate.. It has been traded 4 times in the past.

Works that did not sell

11 works were bought-in, including: Henri Matisse, Nu debout (1936), estimated at $150,000 (low) to $250,000 (high). It has been traded once in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Edouard Vuillard, Enfants jouant à la table (1922) estimated at $10,000 (low) to $15,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.