Frank Auerbach Leads Christie's $15.54m Modern British and Irish Art Evening Sale

A work by Frank Auerbach was the headline sale at Christie's 'Modern British and Irish Art Evening Sale' on March 18 in London.

• The sale totaled $15.54m (GBP11.64m), meeting the pre-sale estimate.

Snapshot of the sale

• 24 works sold totaling $15.54m.
• Estimates totaled: $11.69m (low) and $17.36m (high), excluding premiums.
• The sell-through rate was 92% of the original 26 lots announced.

The star lot was: Frank Auerbach, Christmas Tree at Mornington Crescent (2004), which sold for $2.67m, 33% above its $2m low estimate. It has been traded 3 times in the past.

The outperformer sold for 154% above its low estimate. Peter Phillips, Motorpsycho/Ace (1962), sold for $339,200 ($133,300 low estimate). It has been traded twice in the past.

• 10 works, or 42%, sold above their high estimate.
• 13 works, or 54%, sold within their low and high estimate.
• 1 works, or 4%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

2 works were backed by guarantees, including: Lynn Chadwick, Back to Venice (1988). It sold for $2.18m, 63% above its $1.33m low estimate.. It has not been traded before.

Works that did not sell

1 work was bought-in: Henry Moore, Head of a Girl (1923) (1930), estimated at $173,300 (low) to $240,000 (high). It has been traded once in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Henry Moore, Working Model for Hill Arches (1972), estimated at $533,300 (low) to $800,000 (high).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. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.