A Breakdown of Results From Sotheby’s Emily Fisher Landau Sale

As we proceed with caution through New York’s fall auction season, the white-glove sale of Emily Fisher Landau’s collection stands out as a decisive win for Sotheby’s. Last night, it became the most valuable sale devoted to a female collector in history. Of course, the sell-through rate should be taken with a grain of salt, as all 31 lots carried a third-party guarantee. Nonetheless, the record for an Agnes Martin and robust appetite for three Ed Ruscha works affirmed the strong energy in the room.

The sale was also bolstered by the knockout Pablo Picasso piece Femme à la montre (1932), which accounted for about 34% of the evening’s total sales value. Ten works sold for below their low estimates. That said, the house came away with $6.5 million more over its low estimate, as indicated by the numbers below.

• Total Sales After Fees:  $406.4 million

• Hammer Total: $351 million

• Top Seller: Pablo Picasso’s Femme à la montre (1932) for $139 million

• Lots on Offer Before Withdrawals: 31

• Lots Sold (Including Guaranteed Lots): 31

• Lots Withdrawn Presale: 0

• Sell-through Rate Counting Withdrawals: 100%

• Presale Low Estimate: $344.5 million

• Hammer Total vs. Presale Low Estimate (adjusted for withdrawals): + $6.5 million

• Lots with Third-Party Guarantees: 31

• Next Up: Christie’s 20th Century evening sale

• Parting shot: Single-owner sales continue to be a safe-bet for the auction houses during murky times in the art market, as made evident by this sale as well as the London auctions last month.

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