Etel Adnan Leads Christie's $2.55m 'Modern and Contemporary Middle Eastern Art' Auction in London
3 min read · 09 Nov 2023
Untitled by Etel Adnan sold for $263,100. Image courtesy of Christie's
A work by Etel Adnan was the headline sale at Christie's 'Modern and Contemporary Middle Eastern Art' auction on November 9 in King Street, London
- The sale totaled $2.55m, exceeding the pre-sale high estimate.
Snapshot of the sale
50 works sold totaling $2.55m.
Estimates totaled: $1.52m (low) and $2.21m (high), excluding premiums.
The sell-through rate was 86% of the original 58 lots announced.
The star lot was: Etel Adnan, Untitled (2003), which sold for $263,100, 250% above its $72,800 low estimate. It has been traded once in the past.
The outperformer sold for 500% above its low estimate. Alfred Basbous, Sensual (1972), sold for $61,900 ($9,709 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
32 works, or 64%, sold above their high estimate.
18 works, or 36%, sold within their low and high estimate.
0 works, or 0%, sold below their low estimate.
0 sold with undisclosed estimates.
No works had a guarantee.
Works that did not sell
5 works were bought-in, including: Abdel Hadi El-Gazzar, Abstraction (1955), estimated at $48,500 (low) to $72,800 (high). It has not been traded before.
Withdrawn before the sale
3 works were withdrawn before the sale, including: Ayman Baalbaki, Al Moulatham (2012), estimated at $97,100 (low) to $145,600 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.