Download the HENI News app

Picasso Leads Christie's $8.24m 'Impressionist and Modern Art Works on Paper' Auction in London

3 min read  ·  09 Oct 2024

Tête de Mousquetaire by Pablo Picasso sold for $889,600.
Image courtesy of Christie's

Tête de Mousquetaire by Pablo Picasso sold for $889,600. Image courtesy of Christie's

A work by Pablo Picasso was the headline sale at Christie's 'Impressionist and Modern Art Works on Paper' auction on October 9 in London.

  • The sale totaled $8.24m (£6.3m), exceeding the pre-sale high estimate.

Snapshot of the sale

  • 85 works sold totaling $8.24m.
  • Estimates totaled: $5.19m (low) and $7.89m (high), excluding premiums.
  • The sell-through rate was 91% of the original 93 lots announced.

The star lot was: Pablo Picasso, Tête de Mousquetaire (1972), which sold for $889,600, 342% above its $200,900 low estimate. It has been traded once in the past.

The outperformer sold for 4821% above its low estimate. Marc Chagall, Au bord de la rivière (1930), sold for $26,400 ($536 low estimate). It has not been traded before.

Breakdown of results against auction house estimates that are disclosed

Breakdown of results against auction house estimates that are disclosed

  • 59 works, or 69%, sold above their high estimate.
  • 18 works, or 21%, sold within their low and high estimate.
  • 8 works, or 9%, sold below their low estimate.
  • 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

6 works were bought-in, including: George Grosz, Orgie (1922), estimated at $468,700 (low) to $736,500 (high). It has been traded 9 times in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: August Macke, Nackte Mädchen in der Barke (1911) estimated at $133,900 (low) to $200,900 (high).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. Estimates, sale prices and totals are converted into US dollars. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.