Egon Schiele Leads Christie's $10.65m 'Impressionist & Modern Works on Paper Sale' in New York

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.

• 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Withdrawn before the sale

2 works were withdrawn before the sale, including: Edouard Manet, Femme au noeud bleu (L'Inconnue) (1881), estimated at $400,000 (low) to $600,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.