3 min read · 08 Apr 2024
A work by Cai Jia was the headline sale at Sotheby's 'Fine Classical Chinese Paintings' auction on April 7 in Hong Kong.
The star lot was: Cai Jia, Landscapes (Undated), which sold for $2.68m, 500% above its $383,600 low estimate.
The outperformer sold for 5600% above its low estimate. Attributed to Lu Ji, Flowers and Birds (Undated), sold for $146,000 ($2,557 low estimate).
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
49 works were bought-in, including: Dong Qichang, Winter Landscape in the Style of Li Cheng and Three Poems (Undated), estimated at $511,400 (low) to $767,100 (high).
0 works were withdrawn
All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.