Gustave Courbet Leads Christie's $1.06m 'British and European Art' Auction in London

A work by Gustave Courbet was the headline sale at Christie's 'British and European Art' auction on June 4 in London.

• The sale totaled $1.06m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 31 works sold totaling $1.06m.
• Estimates totaled: $5.5m (low) and $8.24m (high), excluding premiums.
• The sell-through rate was 35% of the original 88 lots announced.

The star lot was: Gustave Courbet, Le Ruisseau de Puits Noir (Undated), which sold for $104,700, 17% above its $89,300 low estimate. It has been traded twice in the past.

The outperformer sold for 400% above its low estimate. Joseph Edward Southall, Self-portrait, bust-length, wearing a fez (1943), sold for $11,300 ($1,914 low estimate). It has not been traded before.

• 16 works, or 52%, sold above their high estimate.
• 11 works, or 35%, sold within their low and high estimate.
• 4 works, or 13%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

24 works were bought-in, including: Alfred Munnings, H.R.H. The Princess Royal on 'Portumna', and the Earl of Harewood, Master of the Bramham Moor Hunt, on 'Tommy' (Undated), estimated at $1.02m (low) to $1.53m (high). It has not been traded before.

Withdrawn before the sale

0 works were withdrawn

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.