Bonhams Chinese Paintings Auction Totals $147,600

A work by Zhang Daqian was the headline sale at Bonhams 'Chinese Paintings' auction on August 5 in Sydney.

• The sale totaled $147,600 (AUD210,300), falling short of its pre-sale low estimate.

Snapshot of the sale

• 27 works sold totaling $147,600.
• Estimates totaled: $454,500 (low) and $694,100 (high), excluding premiums.
• The sell-through rate was 37% of the original 73 lots announced.

The star lot was: Zhang Daqian, Landscape (1928), which sold for $32,800, 24% above its $26,400 low estimate.

The outperformer sold for 210% above its low estimate. Zheng Wuchang, Spring landscape (Undated), sold for $12,900 ($4,167 low estimate). It has been traded once in the past.

• 4 works, or 15%, sold above their high estimate.
• 13 works, or 48%, sold within their low and high estimate.
• 10 works, or 37%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

46 works were bought-in, including: Qi Baishi, Peony (Undated), estimated at $69,400 (low) to $104,200 (high). It has been traded twice in the past.

Withdrawn before the sale

0 works were withdrawn

Terms and definitions

All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls. Estimates, sale prices and totals are converted into US dollars. Sale prices are compared to the auction house’s low estimate, which do not include premiums.

Guarantees: Sometimes an auction house guarantees to pay a seller for a work, regardless of whether the bidding reaches the reserve price, a figure that is typically confidential.

Bought-in: If there are no bids for a work, or if bidding falls short of the reserve price, the lot is unsold or “bought-in”.

Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.

Premiums: Typically a sliding-scale of charges paid in addition to the hammer price by the buyer, plus any other fees.