Christie’s netted £99.5 million ($130 million) during its postwar and contemporary art evening auction at its King Street salesroom in London Friday night, securing a sell-through rate of 83 percent. But the sale was defined by a single lot that, once it failed to sell, made for one of the most notable pricing miscalculations in recent auction memory. That work, Francis Bacon’s Study of Red Pope 1962. 2nd version 1971, was marketed with an on-request estimate of £60 million to £80 million ($78.4 million to $104.5 million), which, if achieved, would have made it the priciest artwork ever sold at auction in Europe. But Christie’s could not find a buyer in that range, and the lot flopped.
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