Alberto Giacometti Leads Sotheby's $92.93m 'Modern Evening Auction' in New York

A work by Alberto Giacometti was the headline sale at Sotheby's 'Modern Evening Auction' on November 18 in New York.

• The sale totaled $92.93m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 24 works sold totaling $92.93m.
• Estimates totaled: $102.3m (low) and $150m (high), excluding premiums.
• The sell-through rate was 73% of the original 33 lots announced.

The star lot was: Alberto Giacometti, Buste (Tête tranchante) (Diego), 1953 (1954), which sold for $13.25m, 32% above its $10m low estimate. It has been traded 3 times in the past.

The outperformer sold for 149% above its low estimate. Tiffany Studios, The Danner Memorial Window (1913), sold for $12.48m ($5m low estimate). The work was backed by a guarantee. It has been traded 4 times in the past.

• 7 works, or 29%, sold above their high estimate.
• 10 works, or 42%, sold within their low and high estimate.
• 7 works, or 29%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

11 works were backed by guarantees, including: Tiffany Studios, The Danner Memorial Window (1913). It sold for $12.48m, 149% above its $5m low estimate.. It has been traded 4 times in the past.

Works that did not sell

7 works were bought-in, including: Henri Matisse, Torse de jeune fille (1921), estimated at $12m (low) to $18m (high). It has been traded 6 times in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Pablo Picasso, Femme au chat assise (1964) estimated at $7m (low) to $10m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.