Sotheby's Surrealism and Its Legacy Auction Totals $27.63m

A work by Joan Miro was the headline sale at Sotheby's 'Surrealism and Its Legacy' auction on October 23 in Paris.

• The sale totaled $27.63m (EUR24.58m), falling short of its pre-sale low estimate.

Snapshot of the sale

• 26 works sold totaling $27.63m.
• Estimates totaled: $29.73m (low) and $42.91m (high), excluding premiums.
• The sell-through rate was 79% of the original 33 lots announced.

The star lot was: Joan Miro, La Tige de la fleur rouge pousse vers la lune (1952), which sold for $6.43m, 27% above its $5.05m low estimate. It has been traded 5 times in the past.

The outperformer sold for 476% above its low estimate. Max Ernst, Le Torse ailé (1926), sold for $1.3m ($224,600 low estimate). It has been traded 6 times in the past.

• 9 works, or 35%, sold above their high estimate.
• 16 works, or 62%, sold within their low and high estimate.
• 1 works, or 4%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

6 works were backed by guarantees, including: Andy Warhol, Alexander the Great (1982). It sold for $2.45m, 21% above its $2.02m low estimate. It has been traded once in the past.

Works that did not sell

6 works were bought-in, including: Rene Magritte, Morceaux Choisis (1950), estimated at $5.62m (low) to $7.86m (high). It has been traded 3 times in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Rene Magritte, L'Horizon (1950), estimated at $2.25m (low) to $3.37m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.