Pablo Picasso Leads Christie's $5.02m 'MICA: THE COLLECTION OF MICA ERTEGUN Part II' Auction in New York
3 min read · 06 Nov 2024
Trois personnages debout by Pablo Picasso sold for $567,000. Image courtesy of Christie's
A work by Pablo Picasso, which had a guarantee, was the headline sale at Christie's 'MICA: THE COLLECTION OF MICA ERTEGUN Part II' auction on November 20 in New York.
- The sale totaled $5.02m, meeting the pre-sale estimate.
Snapshot of the sale
- 44 works sold totaling $5.02m.
- Estimates totaled: $4.45m (low) and $6.44m (high), excluding premiums.
- The sell-through rate was 96% of the original 46 lots announced.
The star lot was: Pablo Picasso, Trois personnages debout (1969), which sold for $567,000, 13% above its $500,000 low estimate. The work was backed by a guarantee. It has been traded twice in the past.
The outperformer sold for 404% above its low estimate. Frank Kupka, Etude pour "L'équation des bleus mouvants" (1929), sold for $151,200 ($30,000 low estimate). The work was backed by a guarantee. It has been traded 3 times in the past.
Breakdown of results against auction house estimates that are disclosed
- 29 works, or 66%, sold above their high estimate.
- 9 works, or 20%, sold within their low and high estimate.
- 6 works, or 14%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
44 works were backed by guarantees, including: Rene Magritte, Sans titre (L'oiseau mort) (1926). It sold for $441,000, 11% below its $500,000 low estimate.. It has been traded 5 times in the past.
Works that did not sell
0 works were bought-in.
Withdrawn before the sale
2 works were withdrawn before the sale, including: Patrick Henry Bruce, Peinture/Nature Morte (1928) estimated at $500,000 (low) to $700,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.