J.M.W. Turner Leads Christie's $1.79m 'Old Masters, 19th Century Paintings and Drawings from a Private Collection: Selling without Reserve' Auction in London

A work by J.M.W. Turner was the headline sale at Christie's 'Old Masters, 19th Century Paintings and Drawings from a Private Collection: Selling without Reserve' auction on July 2 in London.

• The sale totaled $1.79m (GBP1.3m), falling short of its pre-sale low estimate.

Snapshot of the sale

• 59 works sold totaling $1.79m.
• Estimates totaled: $2.18m (low) and $3.35m (high), excluding premiums.
• The sell-through rate was 65% of the original 91 lots announced.

The star lot was: J.M.W. Turner, Pendennis Castle and the entrance to Falmouth Harbour, Cornwall: Scene after a Wreck (Undated), which sold for $397,800, 391% above its $80,900 low estimate. It has been traded 12 times in the past.

The outperformer sold for 797% above its low estimate. John Varley, Cheyne Walk, Chelsea, London (1816), sold for $48,400 ($5,394 low estimate). It has been traded once in the past.

• 13 works, or 22%, sold above their high estimate.
• 12 works, or 20%, sold within their low and high estimate.
• 34 works, or 58%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

0 works were bought-in.

Withdrawn before the sale

32 works were withdrawn before the sale, including: Vilhelm Hammershoi, Portrait of Miss Else Aagesen (1913) estimated at $161,800 (low) to $242,700 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.