3 min read · 16 May 2024
Jeune fille au chapeau de crin blanc by Henri Matisse sold for $4.36m. Image courtesy of Sotheby's
A work by Henri Matisse was the headline sale at Sotheby's 'Modern Day Auction' on May 16 in New York.
The star lot was: Henri Matisse, Jeune fille au chapeau de crin blanc (1923), which sold for $4.36m, 175% above its $1.5m low estimate. It has been traded 7 times in the past.
The outperformer sold for 900% above its low estimate. Nahui Olin, Apoteosis del General Manuel Mondragón (1922), sold for $317,500 ($30,000 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
15 works were backed by guarantees, including: Camille Pissarro, Le Verger du manoir d’Ango, Varengeville, après-midi ensoleillée (1899). It sold for $800,500, its estimated price.. It has been traded 7 times in the past.
57 works were bought-in, including: Pablo Picasso, Le Peintre et son modèle (1965), estimated at $1.5m (low) to $2m (high). It has been traded twice in the past.
8 works were withdrawn before the sale, including: Leonora Carrington, Jack be Nimble, Jack be Quick (1970) estimated at $600,000 (low) to $800,000 (high).
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.