Pablo Picasso Leads Sotheby's $126.8m 'Modern & Contemporary Evening Auction featuring The Now' in London

A work by Pablo Picasso was the headline sale at Sotheby's 'Modern & Contemporary Evening Auction featuring The Now' on March 6 in London.

• The sale totaled $126.8m, meeting the pre-sale estimate.

Snapshot of the sale

• 54 works sold totaling $126.8m.
• Estimates totaled: $114.7m (low) and $163.1m (high), excluding premiums.
• The sell-through rate was 77% of the original 70 lots announced.

The star lot was: Pablo Picasso, Homme à la pipe (1968), which sold for $17.44m, 71% above its $10.14m low estimate. It has been traded 4 times in the past.

The outperformer sold for 500% above its low estimate. Victor Man, The Chandler (2013), sold for $516,500 ($76,100 low estimate). The work was backed by a guarantee. It has been traded once in the past.

• 29 works, or 54%, sold above their high estimate.
• 24 works, or 44%, sold within their low and high estimate.
• 1 works, or 2%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

16 works were backed by guarantees, including: Joan Miro, Sans titre (Soirée snob chez la princesse) (1946). It sold for $7.08m, 11% above its $6.34m low estimate.. It has been traded 5 times in the past.

Works that did not sell

6 works were bought-in, including: Wassily Kandinsky, Schwarz Gesteigert (Black Increasing) (1927), estimated at $1.91m (low) to $2.54m (high). It has been traded 6 times in the past.

Withdrawn before the sale

10 works were withdrawn before the sale, including: Pablo Picasso, Lluís Vilaró (1903) estimated at $6.34m (low) to $8.88m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.