Elaine de Kooning Leads Christie's Online $7.92m 'First Open | Post-War & Contemporary Art' Auction

A work by Elaine de Kooning was the headline sale at Christie's Online 'First Open | Post-War & Contemporary Art' auction on July 18.

• The sale totaled $7.92m, exceeding the pre-sale high estimate.

Snapshot of the sale

• 256 works sold totaling $7.92m.
• Estimates totaled: $5.23m (low) and $7.62m (high), excluding premiums.
• The sell-through rate was 83% of the original 307 lots announced.

The star lot was: Elaine de Kooning, Untitled (1956), which sold for $352,800, 2252% above its $15,000 low estimate. It has been traded once in the past.

The outperformer sold for 2252% above its low estimate. Elaine de Kooning, Untitled (1956), sold for $352,800 ($15,000 low estimate). It has been traded once in the past.

• 113 works, or 44%, sold above their high estimate.
• 76 works, or 30%, sold within their low and high estimate.
• 67 works, or 26%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

37 works were backed by guarantees, including: Jack Pierson, The Crippled Beggar Knew a Priceless Secret (2006). It sold for $50,400, 16% below its $60,000 low estimate.. It has been traded 3 times in the past.

Works that did not sell

51 works were bought-in, including: Billy Al Bengston, Alice in Transylvania (1960), estimated at $100,000 (low) to $150,000 (high). It has been traded 3 times in the past.

Withdrawn before the sale

0 works were withdrawn

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.