Henri Matisse Leads Sotheby's $52.11m 'Modern Day Auction' in New York

A work by Henri Matisse was the headline sale at Sotheby's 'Modern Day Auction' on May 16 in New York.

• The sale totaled $52.11m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 207 works sold totaling $52.11m.
• Estimates totaled: $53.01m (low) and $77.79m (high), excluding premiums.
• The sell-through rate was 76% of the original 272 lots announced.

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.

• 94 works, or 45%, sold above their high estimate.
• 89 works, or 43%, sold within their low and high estimate.
• 24 works, or 12%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

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.

Works that did not sell

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.

Withdrawn before the sale

8 works were withdrawn before the sale, including: Leonora Carrington, Jack be Nimble, Jack be Quick (1970) estimated at $600,000 (low) to $800,000 (high).

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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