Titian Leads Christie's $55.07m 'Old Masters Part I' Auction in London

A work by Titian, which had a guarantee, was the headline sale at Christie's 'Old Masters Part I' auction on July 2 in London.

• The sale totaled $55.07m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 20 works sold totaling $55.07m.
• Estimates totaled: $56.34m (low) and $86.31m (high), excluding premiums.
• The sell-through rate was 74% of the original 27 lots announced.

The star lot was: Titian, The Rest on the Flight into Egypt (Undated), which sold for $22.18m, 16% above its $18.98m low estimate. The work was backed by a guarantee. It has been traded 7 times in the past.

The outperformer sold for 350% above its low estimate. Sir Peter Lely, Portrait of Barbara Villiers, Countess of Castlemaine and later Duchess of Cleveland (1640-1709), full-length, seated in a silver dress and blue drapery, a landscape beyond (Undated), sold for $716,300 ($151,800 low estimate). It has not been traded before.

• 8 works, or 40%, sold above their high estimate.
• 9 works, or 45%, sold within their low and high estimate.
• 3 works, or 15%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

4 works were backed by guarantees, including: Titian, The Rest on the Flight into Egypt (Undated). It sold for $22.18m, 16% above its $18.98m low estimate.. It has been traded 7 times in the past.

Works that did not sell

4 works were bought-in, including: George Stubbs, Mares and Foals in an extensive landscape (Undated), estimated at $8.86m (low) to $12.65m (high). It has been traded 8 times in the past.

Withdrawn before the sale

3 works were withdrawn before the sale, including: Jan Lievens, A man holding a woman in partial undress (Undated) estimated at $1.9m (low) to $2.53m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.