3 min read · 25 Jun 2024
Portrait of the Artist as a Young Derelict by Jean-Michel Basquiat sold for $20.32m. Image courtesy of Sotheby's
A work by Jean-Michel Basquiat, which had a guarantee, was the headline sale at Sotheby's 'Modern & Contemporary Evening Auction, including the Ralph I. Goldenberg Collection' on June 25 in London.
The star lot was: Jean-Michel Basquiat, Portrait of the Artist as a Young Derelict (1982), which sold for $20.32m, 6% above its $19.1m low estimate. The work was backed by a guarantee. It has been traded twice in the past.
The outperformer sold for 250% above its low estimate. Francoise Gilot, Autoportrait en blanc (Étude de formes) (1944), sold for $456,800 ($127,400 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
33 works were backed by guarantees, including: Jean-Michel Basquiat, Portrait of the Artist as a Young Derelict (1982). It sold for $20.32m, 6% above its $19.1m low estimate. It has been traded twice in the past. In 2022, Basquiat’s 1982 painting had a $30m estimate at Christie’s before it was withdrawn.
6 works were bought-in, including: Pablo Picasso, Portrait de femme (1953), estimated at $3.57m (low) to $4.46m (high). It has been traded 4 times in the past.
3 works were withdrawn before the sale, including: Tamara de Lempicka, Nu adossé I (1925) estimated at $7.64m (low) to $10.19m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.