The report is available to AMMpro subscribers. (The first month of AMMpro is free and subscribers are welcome to sign up for the first month and cancel before they are billed.)On Thursday, Christie’s held its Classic week old masters auction at the house's Rockefeller center location. Hammering at $19.6 million, the sale generated $24.2 million with buyer’s premium across 49 lots, landing at the low end of the pre-sale low expectation of $19.3 million to $29 million. Overall, it realized a sell-through rate of 71.2 percent. 22 percent of lots achieved a price above the high estimate 15 percent sold within their estimate ranges and 26 percent failed to reach their low estimates. 21 lots failed to sell. Live-streamed from the auction house's New York sale room and led by chairman and global head of private sales Adrien Meyer, the auction proved lucrative to one major consigner: the Brooklyn Museum of Art in New York. Christie’s sold 9 of the 12 guaranteed works consigned from the museum's permanent collection across the house’s European art and Old Masters sales which together made $6.6 million with buyer's premium. That is more than double the total pre-sale estimate of $2.25 million given to the 10 works from the museum consignment. The sales follow the museum's announcement in mid-September of long-term plans to deaccession works from its holdings to raise money for collection maintenance—stating a goal of $40 million for the fund. The Brooklyn museum is among the few taking advantage of the temporary relaxed guidelines issued by the Association of Art Museum Directors (AAMD) as a coronavirus relief measure. More deaccessions are to come, according to the museum's leadership.
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