3 min read · 18 Nov 2024
Buste (Tête tranchante) (Diego), 1953 by Alberto Giacometti sold for $13.25m. Image courtesy of Sotheby's
A work by Alberto Giacometti was the headline sale at Sotheby's 'Modern Evening Auction' on November 18 in New York.
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.
Breakdown of results against auction house estimates that are disclosed
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.
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.
2 works were withdrawn before the sale, including: Pablo Picasso, Femme au chat assise (1964) estimated at $7m (low) to $10m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.