TORONTO — An oil painting by Henri Matisse with a multimillion-dollar price tag did not sell at a Toronto auction 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. Heffel had touted the lot as the first major oil-on-canvas by Matisse to be offered at auction in Canada. In a statement last month, president David Heffel said the international offering represents a “milestone” for the auction house, signalling the maturity of Canada’s art market. Tousignant also led Consignor Canadian Fine Art’s spring sale Tuesday with “Absurdo,” which sold for nearly $190,000.

Source: National Post May 30, 2019 01:41 UTC