Christie's Old Master Sale Misses Mark

LONDON—Christie's failed to meet its low estimates for its old-master sale in London last night, earning £18.8 million ($38 million) on an auction estimated at £24.8 million to £36.7 million, reports Bloomberg. The most highly valued item at the sale, a Rubens sketch valued at up to £6 million, sold to its only bidder, for £3.8 million with fees.

The Rubens was one of 16 lots put up for auction by the Philips family, heirs to the Royal Philips Electronics NV fortune. The collection, for which the family was promised a guarantee, was valued at £8 million to £12 million but took in only £6.4 million with commissions. Five of the lots failed to sell and another five came in below their low estimates.

"I don't like to see anyone lose money, but for the family the guarantees were a good deal," said Johan Bosch van Rosenthal, an Amsterdam-based art adviser to the Philips family. "My job was to get the best deal for my clients."