On occasion, Christie's has a direct financial interest in the outcome of the sale of certain lots consigned for sale. This will usually be where it has guaranteed to the Seller that whatever the outcome of the auction, the Seller will receive a minimum sale price for the work. This is known as a minimum price guarantee.
Where Christie's has provided a Minimum Price Guarantee it is at risk of making a loss, which can be significant, if the lot fails to sell. Christie's therefore sometimes chooses to share that risk with a third party. In such cases the third party agrees prior to the auction to place an irrevocable written bid on the lot. The third party is therefore committed to bidding on the lot and, even if there are no other bids, buying the lot at the level of the written bid unless there are any higher bids. In doing so, the third party takes on all or part of the risk of the lot not being sold. If the lot is not sold, the third party may incur a loss. In most cases, Christie’s compensates the third party in exchange for accepting this risk with remuneration based on a fixed fee if the third party is the successful bidder or, if the third party is not the successful bidder, either a fixed fee or an amount calculated against the lot’s hammer price. The third party may also bid for the lot above the written bid. Where the third party is the successful bidder, Christie’s will report the final purchase price net of the fixed financing fee for taking on the guarantee risk.
Third party guarantors are required by us to disclose to anyone they are advising their financial interest in any lots they are guaranteeing. However, for the avoidance of any doubt, if you are advised by or bidding through an agent on a lot identified as being subject to a third party guarantee you should always ask your agent to confirm whether or not he or she has a financial interest in relation to the lot. This is a lot where Christie’s holds a direct financial guarantee interest that is backed by a third party’s irrevocable bid.
Dora Maar, Paris (gift from the artist); Estate sale, Piasa, Paris, 27 October 1998, lot 23.
Galerie Jan Krugier, Ditesheim & Cie., Geneva (acquired at the above sale).
Acquired from the above by the present owner, 2008.
Property of a gentleman
C. Zervos, Pablo Picasso, Paris, 1957, vol. 8, no. 375 (illustrated, pl. 182).
M.-L. Bernadac and C. Piot, Picasso écrits, Paris, 1989, p. 76 (illustrated, p. 411).
H.B. Chipp, El Guernica de Picasso: Historia, transformaciones, significado, Barcelona, 1991, pp. 16-17 (illustrated, p. 16, fig. 1.17; titled Retrato de la marquesa de culo cristiano echándoles un duro a los soldados moros, defensores de la Virgen and dated 1937-1938).
J. Alix, Guernica: Historia de un cuadro. Picasso Poesía, Madrid, 1993, p. 59.
L. Ullmann, Picasso un der Krieg, Bielefeld, 1993, pp. 190-191.
J.B. Jimenez and J. Banham, Dictionary of Artists’ Models, London, 2001, p. 335.
V. Combalía, “La maquesa de Picasso” in El País, 17 February 2003 (titled Retrato de la marquesa de culo cristiano echándoles un duro a los soldados moros, defensores de la Virgen).
S. Haro and I. Soto, "El Sueño del compromiso" in Viñetas en el frente, exh. cat., Museu Picasso, Barcelona, 2011, p. 25.
J. Palau i Fabre, Picasso del Minotauro al Guernica, 1927-1939, Madrid, 2012, no. 859 (illustrated in color).
M. Minchom, “The truth about Guernica: Picasso and the Lying Press” in The Volunteer, 9 March 2012 (illustrated).
M. Minchom, “El ‘Guernica’ de Picasso y ‘la prensa que miente, la prensa que mata’” in Fronterad revista digital, 19 April 2012 (illustrated in color).
V. Combalía, Dora Maar : Más allá de Picasso, Barcelona, 2013, p. 189 (titled Retrato de la marquesa de culo cristiano echándoles un duro a los soldados moros, defensores de la Virgen).
I. Seisdedos, "El Guernica de Picasso: así se hizo el cuadro más célebre del siglo" in 80 Años del 'Guernia', 3 April 2017 (titled Retrato de la marquesa de culo cristiano echándoles un duro a los soldados moros, defensores de la Virgen).
Venice, Centro di Cultura di Pallazzo Grassi, Opere dal 1898 al 1973 dalla collezione Marina Picasso, May-July 1981.
Rio de Janeiro, Museo de Arte Moderna and Museu de Arte de São Paulo Assis Chateaubriand, Picasso: Años de Guerra, 1937-1945, July-November 1999, p. 122, no. 111 (illustrated).
Geneva, Galerie Jan Krugier, Ditesheim & Cie., Pablo Picasso: Métamorphoses, oeuvres de 1898 à 1973 de la collection Marina Picasso, March-June 2001, p. 125, no. 69 (illustrated in color, p. 65).
London, Royal Academy of the Arts and The Guggenheim Museum Bilbao, Paris: Capital of the Arts, 1900-1968, January-September 2002, p. 232, no. 155 (illustrated in color).
Kunstmuseum Bern, Picasso und die Schweiz, October 2001-January 2002, no. 123 (illustrated in color).
New York, Galerie Jan Krugier, Dietesheim & Cie., 2002.
Barcelona, Museu Picasso, Picasso de la caricatura a las metamorfosis de estilo, February-May 2003, p. 169, no. 178 (illustrated in color; titled Figure of a Woman Inspired by the Spanish Civil War ('Portrait of the Marquesa with a Christian Arse...')).
Barcelona, Museu Picasso, Picasso: Guerra y paz, May-September 2004, p. 85, no. 9 (illustrated in color).
Paris, Galerie Bellier, Picasso: L’oeil, la main, le génie, oeuvres sur papier, sculptures, céramiques, tableaux, September-December 2004, p. 28 (illustrated in color).
Madrid, Museo Nacional del Prado, The Spanish Portrait: From El Greco to Picasso, October 2004-February 2005, p. 208.
New York, Richard L. Feigen & Co., Beckmann-Picasso/Picasso-Beckmann, October 2004-January 2005.
Arles, Fondation Vincent van Gogh, Pablo Picasso: Portraits d’Arlésiennes, 1912-1958, June-August 2005, pp. 60 and 164 (illustrated in color and detail illustrated in color, fig. I; titled Figure de femme inspirée par la guerre d’Espagne (Portrait de la marquise au cul chrétien)).
Melbourne, National Gallery of Victoria and Paris, Musée Picasso, Picasso: Guerra y Paz, June-October 2006, p. 85, no. 9 (illustrated in color).
New York, The Solomon R. Guggenheim Museum, Spanish Painting from El Greco to Picasso: Time, Truth and History, November 2006-March 2007, p. 208 (illustrated in color, p. 209).
Munich, Kunsthalle der Hypo-Kulturstiftung, Das Ewige Auge—von Rembrandt bis Picasso, Meisterwerke aus der Sammlung Jan Krugier und Marie-Anne Krugier-Poniatowski, July-October 2007, p. 398, no. 191 (illustrated in color).
Madrid, Museo Nacional Centro de Arte Reina Sofi´a, Pity and Terror: Picasso's Path to Guernica, April-September 2017, p. 188 (illustrated in color, p. 143).