Matisse masterpiece fails to sell at Toronto auction

A painting by French master Henri Matisse failed to sell at a Canadian auction because bidders weren’t interested in paying more than $3 million for the piece.

The painting, “Femme assise sur un balcon,” was billed as the first major oil canvas by Matisse to be up for auction in Canada. The artwork was estimated to attract between $3.8 million and $5.8 million, according to Heffel Fine Art Auction House.

But the piece didn’t attract bids within that range. By the end of the night, it was not sold.

Matisse painted the canvas in Nice in the south of France in 1919. The painting depicts a woman seated in an armchair on a balcony. According to Heffel, the piece belonged to Matisse’s family and was passed down from generation to generation.

The French artwork may not have been so hot, but it was a good night for Canadian artists. A piece by Group of Seven member Lawren Harris titled “Coldwell, Lake Superior (Lake Superior Sketch CXXXIX)” was sold for $250,000, near the lower end of its estimated price. “Laurentian Hills” by A.Y. Jackson, another member of the Group of Seven, sold for $375,000 -- $25,000 more than its highest estimate.

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