Phillips Vente Art Moderne & Contemporain et Design Auction Totals $5.5m

A work by Joan Miro was the headline sale at Phillips 'Vente Art Moderne & Contemporain et Design' auction on October 21 in Paris.

• The sale totaled $5.5m (EUR4.91m), meeting the pre-sale estimate.

Snapshot of the sale

• 49 works sold totaling $5.5m.
• Estimates totaled: $4.04m (low) and $5.71m (high), excluding premiums.
• The sell-through rate was 89% of the original 55 lots announced.

The star lot was: Joan Miro, Peinture (1930), which sold for $564,200, 44% above its $391,400 low estimate. It has been traded once in the past.

The outperformer sold for 647% above its low estimate. Hsiao Chin, Pintura 5 (Painting 5) (1958), sold for $419,600 ($56,100 low estimate). It has been traded 3 times in the past.

• 27 works, or 55%, sold above their high estimate.
• 21 works, or 43%, sold within their low and high estimate.
• 1 works, or 2%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

3 works were backed by guarantees, including: Jean Paul Riopelle, Avant le Printemps (1954). It sold for $361,700, 61% above its $223,700 low estimate. It has been traded twice in the past.

Works that did not sell

4 works were bought-in, including: JR, The Wrinkles of the City - Shanghai - China - “Gi Ginsui” (2010), estimated at $44,700 (low) to $67,100 (high). It has been traded once in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Lucio Fontana, Concetto spaziale (1968), estimated at $503,300 (low) to $615,100 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.