Thomas Hart Benton Leads Christie's $13.29m 'Modern American Art' Auction in New York

A work by Thomas Hart Benton was the headline sale at Christie's 'Modern American Art' auction on April 18 in New York.

• The sale totaled $13.29m, meeting the pre-sale estimate.

Snapshot of the sale

• 85 works sold totaling $13.29m.
• Estimates totaled: $10.82m (low) and $16.63m (high), excluding premiums.
• The sell-through rate was 82% of the original 104 lots announced.

The star lot was: Thomas Hart Benton, White Horse (1955), which sold for $2.23m, 48% above its $1.5m low estimate. It has been traded 3 times in the past.

The outperformer sold for 1100% above its low estimate. Rolph Scarlett, White Triangle (Undated), sold for $88,200 ($7,000 low estimate).

Florine Stettheimer, Tulips Under a Canopy (1925) sold for $1.03m, 500% above the low estimate, an auction record for the artist. The oil on canvas work has been traded twice in the past.

• 50 works, or 59%, sold above their high estimate.
• 25 works, or 29%, sold within their low and high estimate.
• 10 works, or 12%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

3 works were backed by guarantees, including: LeRoy Neiman, Council of War (1962). It sold for $27,700, 175% above its $10,000 low estimate.. It has been traded twice in the past.

Works that did not sell

19 works were bought-in, including: Milton Avery, Female Painter (1945), estimated at $1.5m (low) to $2.5m (high). It has been traded 4 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Withdrawn before the sale

0 works were withdrawn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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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