by the numbers christies riggio 2643724

Christie’s New York held the spring season’s largest single-owner auction, the Leonard & Louise Riggio collection, on Monday evening. The sale achieved $271.9 million total with a 97% sell-through rate by lot, led by Piet Mondrian’s *Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue* (1922) at $47.6 million. However, a detailed analysis reveals that the hammer total fell $26 million short of the guarantee, and 93% of the value was pre-sold to third-party backers, leaving Christie’s with a razor-thin margin of roughly 7.8% before marketing costs and guarantor fees.