Marc Chagall Leads Sotheby's $28.33m 'Modern Day Auction' in New York

A work by Marc Chagall, which had a guarantee, was the headline sale at Sotheby's 'Modern Day Auction' on May 14 in New York.

• The sale totaled $28.33m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 138 works sold totaling $28.33m.
• Estimates totaled: $29.46m (low) and $43.07m (high), excluding premiums.
• The sell-through rate was 80% of the original 172 lots announced.

The star lot was: Marc Chagall, Soleil et âne rouge (1982), which sold for $1.12m, 86% above its $600,000 low estimate. The work was backed by a guarantee. It has been traded 4 times in the past.

The outperformer sold for 1297% above its low estimate. Georges Lemmen, Jeune femme faisant du crochet (Julie Lemmen) (1890), sold for $698,500 ($50,000 low estimate). The work was backed by a guarantee. It has been traded 5 times in the past.

• 74 works, or 54%, sold above their high estimate.
• 49 works, or 36%, sold within their low and high estimate.
• 15 works, or 11%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

12 works were backed by guarantees, including: August Strindberg, Vagen IX (Wave IX) (1901). It sold for $508,000, 36% below its $800,000 low estimate.. It has been traded 5 times in the past.

Works that did not sell

27 works were bought-in, including: Rufino Tamayo, Ramo de geranios (1985), estimated at $2m (low) to $3m (high). It has been traded twice in the past.

Withdrawn before the sale

7 works were withdrawn before the sale, including: Henri Matisse, Nu au drapé (1918) estimated at $1.5m (low) to $2m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.