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

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 balconwould 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.