Jean-Michel Basquiat Leads Christie's $80.26m '21st Century Evening Sale' in New York
3 min read · 15 May 2024
The Italian Version of Popeye has no Pork in his Diet by Jean-Michel Basquiat sold for $32.03m. Image courtesy of Christie's
A work by Jean-Michel Basquiat was the headline sale at Christie's '21st Century Evening Sale' on May 14 in New York.
- The sale totaled $80.26m, meeting the pre-sale estimate.
Snapshot of the sale
- 30 works sold totaling $80.26m.
- Estimates totaled: $74.08m (low) and $115m (high), excluding premiums.
- The sell-through rate was 86% of the original 35 lots announced.
The star lot was: Jean-Michel Basquiat, The Italian Version of Popeye has no Pork in his Diet (1982), which sold for $32.03m. Estimates were undisclosed. It has been traded 6 times in the past.
The outperformer sold for 325% above its low estimate. Marina Perez Simão, Untitled (2020), sold for $352,800 ($80,000 low estimate). It has been traded twice in the past.
Breakdown of results against auction house estimates that are disclosed
- 17 works, or 59%, sold above their high estimate.
- 11 works, or 38%, sold within their low and high estimate.
- 1 works, or 3%, sold below their low estimate.
- 1 sold with undisclosed estimates.
Guaranteed sales
6 works were backed by guarantees, including: Julie Mehretu, Mumbaphilia (J.E.) (2018). It sold for $5.86m, 17% above its $5m low estimate.. It has been traded twice in the past.
Works that did not sell
2 works were bought-in, including: Mark Tansey, Mont Sainte-Victoire #1 (1987), estimated at $8m (low) to $12m (high). It has been traded 5 times in the past.
Withdrawn before the sale
3 works were withdrawn before the sale, including: Brice Marden, Event (2004) estimated at $30m (low) to $50m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.