Cy Twombly Leads Christie's $21.62m 'Post-War to Present' Auction in New York

A work by Cy Twombly was the headline sale at Christie's 'Post-War to Present' auction on March 13 in New York.

• The sale totaled $21.62m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 181 works sold totaling $21.62m.
• Estimates totaled: $23.74m (low) and $34.34m (high), excluding premiums.
• The sell-through rate was 74% of the original 246 lots announced.

The star lot was: Cy Twombly, Untitled (Roman Note) (1970), which sold for $1.62m, 8% above its $1.5m low estimate. It has been traded 3 times in the past.

The outperformer sold for 700% above its low estimate. Elaine de Kooning, Untitled (Black Mountain #13) (1948), sold for $207,900 ($25,000 low estimate). It has been traded 3 times in the past.

• 71 works, or 39%, sold above their high estimate.
• 70 works, or 39%, sold within their low and high estimate.
• 40 works, or 22%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

30 works were backed by guarantees, including: Mark Bradford, Is he a man or monster (2018). It sold for $478,800, 19% above its $400,000 low estimate.. It has been traded twice in the past.

Works that did not sell

57 works were bought-in, including: Alice Neel, Linus and Ava Helen Pauling (1969), estimated at $1m (low) to $1.5m (high). It has been traded twice in the past.

Withdrawn before the sale

8 works were withdrawn before the sale, including: Joan Miro, Tête (1990) estimated at $700,000 (low) to $1m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.