Jean-Michel Basquiat Leads Christie's $80.26m '21st Century Evening Sale' in New York

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.

• 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Withdrawn before the sale

3 works were withdrawn before the sale, including: Brice Marden, Event (2004) estimated at $30m (low) to $50m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.