Sotheby's Modernités Auction Totals $43.43m

A work by Frantisek Kupka was the headline sale at Sotheby's 'Modernités' auction on October 23 in Paris.

• The sale totaled $43.43m (EUR38.62m), meeting the pre-sale estimate.

Snapshot of the sale

• 29 works sold totaling $43.43m.
• Estimates totaled: $36.86m (low) and $53.88m (high), excluding premiums.
• The sell-through rate was 72% of the original 40 lots announced.

The star lot was: Frantisek Kupka, Espace non-descriptif (1922), which sold for $10.11m, 49% above its $6.74m low estimate. It has been traded twice in the past.

The outperformer sold for 332% above its low estimate. Alberto Giacometti, Tête crâne (1934), sold for $9.72m ($2.25m low estimate). It has been traded once in the past.

• 13 works, or 45%, sold above their high estimate.
• 15 works, or 52%, sold within their low and high estimate.
• 1 works, or 3%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

4 works were backed by guarantees, including: Richard Serra, Hawthorne (2009). It sold for $1.37m, 21% above its $1.12m low estimate. It has been traded once in the past.

Works that did not sell

11 works were bought-in, including: Claude Monet, Sur la falaise près de Dieppe (1897), estimated at $3.37m (low) to $5.62m (high). It has been traded 6 times in the past.

Withdrawn before the sale

0 works were withdrawn

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.