3 min read · 25 Oct 2024
Buste de femme d'après Cranach le Jeune by Pablo Picasso sold for $882,000. Image courtesy of Christie's
A work by Pablo Picasso was the headline sale at Christie's 'Prints and Multiples' auction on October 25 in New York.
The star lot was: Pablo Picasso, Buste de femme d'après Cranach le Jeune (1958), which sold for $882,000, 26% above its $700,000 low estimate.
The outperformer sold for 572% above its low estimate. Pablo Picasso, Portrait de Jacqueline au Chapeau de Paille Multicolore (1962), sold for $100,800 ($15,000 low estimate).
Breakdown of results against auction house estimates that are disclosed
2 works were backed by guarantees, including: Andy Warhol, Double Mickey Mouse (1981). It sold for $630,000, 26% above its $500,000 low estimate..
38 works were bought-in, including: Henri Matisse, Jazz (1947), estimated at $250,000 (low) to $350,000 (high).
0 works were withdrawn
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.