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10 works were withdrawn before the sale, including: Pablo Picasso, Lluís Vilaró (1903) estimated at $6.34m (low) to $8.88m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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