Pablo Picasso Leads Sotheby's $126.8m 'Modern & Contemporary Evening Auction featuring The Now' in London
3 min read · 07 Mar 2024
Homme à la pipe by Pablo Picasso sold for $17.44m. Image courtesy of Sotheby's
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.
Breakdown of results against auction house estimates that are disclosed
- 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Withdrawn before the sale
10 works were withdrawn before the sale, including: Pablo Picasso, Lluís Vilaró (1903) estimated at $6.34m (low) to $8.88m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.
