Claude Monet Leads Sotheby's $223.3m 'Modern Evening Auction' in New York
3 min read · 14 Nov 2023
Peupliers au bord de l’Epte, temps couvert by Claude Monet sold for $30.78m. Image courtesy of Sotheby's
A work by Claude Monet was the headline sale at Sotheby's 'Modern Evening Auction' on November 13 in New York.
- The sale totaled $223.3m, meeting the pre-sale estimate.
Snapshot of the sale
31 works sold totaling $223.3m.
Estimates totaled: $199.2m (low) and $275.4m (high), excluding premiums.
The sell-through rate was 76% of the original 41 lots announced.
The star lot was: Claude Monet, Peupliers au bord de l’Epte, temps couvert (1891), which sold for $30.78m, 2% above its $30m low estimate. It has been traded 12 times in the past.
The outperformer sold for 225% above its low estimate. Camille Pissarro, Le Louvre, matin, printemps (1902), sold for $4.17m ($1.2m low estimate). It has been traded 7 times in the past.
A talking point was Mark Rothko, Untitled (1968), which sold for $23.89m, 225% above its $7m low estimate, a record for a work on paper by the artist. It has been traded 5 times in the past.
Breakdown of results against auction house estimates that are disclosed
6 works, or 19%, sold above their high estimate.
19 works, or 61%, sold within their low and high estimate.
5 works, or 19%, sold below their low estimate.
1 sold with an undisclosed estimate.
7 works were backed by guarantees, including: Pablo Picasso, Compotier et guitare (1932). It sold for $23.46m. It has been traded 7 times in the past.
Works that did not sell
2 works were bought-in, including: Pierre-Auguste Renoir, Place de la Trinité (1878), estimated at $2.5m (low) to $3.5m (high). It has been traded 13 times in the past.
Withdrawn before the sale
8 works were withdrawn before the sale, including: Philip Guston, The Bell (1952) estimated at $6m (low) to $8m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.