Egon Schiele Leads Christie's $10.65m 'Impressionist & Modern Works on Paper Sale' in New York
3 min read · 11 Nov 2023
Knabenbildnis (Herbert Reiner) (recto); Zwei weibliche Akte mit Draperie (verso) by Egon Schiele sold for $2.23m. Image courtesy of Christie's
A work by Egon Schiele was the headline sale at Christie's 'Impressionist & Modern Works on Paper Sale' on November 11 in New York.
- The sale totaled $10.65m, meeting the pre-sale estimate.
Snapshot of the sale
80 works sold totaling $10.65m.
Estimates totaled: $9.3m (low) and $14m (high), excluding premiums.
The sell-through rate was 78% of the original 103 lots announced.
The star lot was: Egon Schiele, Knabenbildnis (Herbert Reiner) (recto); Zwei weibliche Akte mit Draperie (verso) (1910), which sold for $2.23m, 325% above its $500,000 low estimate. It has been traded 6 times in the past.
The outperformer sold for 700% above its low estimate. Georgia O'Keeffe, Tree and Earth (1918), sold for $327,600 ($40,000 low estimate). It has been traded twice in the past.
A talking point was Joan Miró, Untitled (1953), which sold for $37,800, 600% more than its $5,000 low estimate. The drawing on a paper napkin was originally owned by the dealer Pierre Matisse, the son of Henri Matisse.
Breakdown of results against auction house estimates that are disclosed
40 works, or 50%, sold above their high estimate.
31 works, or 39%, sold within their low and high estimate.
9 works, or 11%, sold below their low estimate.
0 sold with undisclosed estimates.
Guaranteed sales
No work had a guarantee.
Works that did not sell
21 works were bought-in, including: Paul Klee, Zwei Vogel-bilder (1919), estimated at $300,000 (low) to $500,000 (high). It has been traded 4 times in the past.
Withdrawn before the sale
2 works were withdrawn before the sale, including: Edouard Manet, Femme au noeud bleu (L'Inconnue) (1881), estimated at $400,000 (low) to $600,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.