Sotheby's Paris Art Moderne et Contemporain Day Auction Totals $13.29m

A work by Christo and Jeanne-Claude was the headline sale at Sotheby's 'Art Moderne et Contemporain Day Auction' on April 17 in Paris.

• The sale totaled $13.29m (EUR11.25m), exceeding the pre-sale high estimate.

Snapshot of the sale

• 108 works sold totaling $13.29m.
• Estimates totaled: $8.8m (low) and $12.46m (high), excluding premiums.
• The sell-through rate was 89% of the original 121 lots announced.

The star lot was: Christo and Jeanne-Claude, The Pont Neuf Wrapped (Project for Paris) (1985), which sold for $605,000, 161% above its $231,300 low estimate. It has not been traded before.

The outperformer sold for 771% above its low estimate. Andre Derain, Poitrine de femme (1933), sold for $302,500 ($34,700 low estimate). It has been traded 4 times in the past.

• 64 works, or 59%, sold above their high estimate.
• 39 works, or 36%, sold within their low and high estimate.
• 5 works, or 5%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

5 works were backed by guarantees, including: Francis Picabia, Sans Titre (1938). It sold for $257,100, 48% above its $173,500 low estimate.. It has been traded once in the past.

Works that did not sell

11 works were bought-in, including: Edgar Degas, Femme s'essuyant (1884), estimated at $231,300 (low) to $347,000 (high). It has been traded 4 times in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Yves Klein, Éponge bleue (1959), estimated at $115,700 (low) to $173,500 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.