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A.Y. Jackson paintings sell at auction for more than $670,000, no buyer for Matisse

A canvas 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 A.Y. Jacksons were being sold by the Art Gallery of Ontario

This canvas by Henri Matisse, Femme assise sur un balcon, did not sell at a Toronto auction Wednesday after the highest bid fell short of the seller's minimum sum. (HO-Heffel Fine Art/Canadian Press)

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.

The highest bid called Wednesday at Toronto's Design Exchange for the 1919 painting was $3 million, failing to meet the seller's undisclosed reserve price.

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.

Three A.Y. Jackson also on the block tonight did sell for a total of $672,625. The Art Gallery of Ontario will receive $557,500 less the seller's commission.

Laurentian Hills, an oil on canvas painting by A.Y. Jackson. Three works by Jackson sold at auction Wednesday. (Heffel Fine Art Auction House)

With files from CBC News

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