Star lot withdrawn at Sotheby's, a Malevich fetches $21 million at NY. auction

Impressionist and modern art achieved some respectable results at Sotheby's on Tuesday, but the sale was marked by the 11th-hour withdrawal of its much-hyped star offering, an early masterpiece by Egon Schiele.

A night earlier, rival Christie's kicked off New York's spring sales with a solid $289 million Impressionist and modern total, helping reassure an uncertain art market in the wake of recent seasons when owners were reluctant to put their art works up for auction. Sotheby's managed to move $173.8 million in fine art, including commission of just over 12 percent, against pre-sale expectations of $147 million to $210 million, Reuters reports.

Nearly three-quarters of the 50 works on offer found buyers, with heavy participation by Asian, Russian and European bidders, Sotheby's said.

Sotheby's announced the Schiele's withdrawal moments before the sale. Later it gave no explanation, apart from the owner having decided against selling "Danaë," painted when the Austrian artist was just 19, at this time.