A painting by Henri Matisse with a multimillion-dollar price tag did not sell at a Toronto auction Wednesday after the highest bid fell short of the consignor's minimum sum. The Heffel Fine Art Auction House had estimated the legendary French artist's Femme assise sur un balcon would fetch between $3.8 million and $5.8 million in its spring sale. A Heffel spokeswoman says the auction house is accepting offers for any unsold works, which will be forwarded on to the consignor, who can choose whether to accept them. Heffel had touted the lot as the first major oil-on-canvas by Matisse to be offered at auction in Canada. President David Heffel said in a statement last month the international offering marked a "milestone" for the auction house and signalled the maturity of the Canadian art market.

Source: CBC News May 30, 2019 01:41 UTC