Gerhard Richter Leads Christie's $16.3m 'Post-War and Contemporary Day Sale' in London

A work by Gerhard Richter was the headline sale at Christie's 'Post-War and Contemporary Art Day Sale' on October 16 in London.

• The sale totaled $16.32m (£12.24m), meeting the pre-sale estimate.

Snapshot of the sale

• 123 works sold totaling $16.32m.
• Estimates totaled: $14.22m (low) and $21.29m (high), excluding premiums.
• The sell-through rate was 85% of the original 145 lots announced.

The star lot was: Gerhard Richter, Fuji (1996), which sold for $779,200, 92% above its $404,500 low estimate. It has been traded once in the past.

The outperformer sold for 829% above its low estimate. Michelangelo Pistoletto, Two less one black (2011), sold for $313,400 ($33,700 low estimate). The work was backed by a guarantee. It has been traded once in the past.

• 54 works, or 44%, sold above their high estimate.
• 55 works, or 45%, sold within their low and high estimate.
• 14 works, or 11%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

45 works were backed by guarantees, including: Alex Katz, Sissel (2000). It sold for $592,900, 25% above its $471,900 low estimate.. It has been traded twice in the past.

Works that did not sell

17 works were bought-in, including: Thomas Schutte, Gro β er Frauenkopf (Large Female Head) (2021), estimated at $539,300 (low) to $809,000 (high). It has not been traded before.

Withdrawn before the sale

5 works were withdrawn before the sale, including: Michaela Yearwood Dan, Per amarmi, per amarti (To love me, to love you) (2021) estimated at $107,900 (low) to $161,800 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.