Jean-Michel Basquiat Leads Christie's $72m '20th/21st Century Evening Sale' in Hong Kong

A work by Jean-Michel Basquiat, which had a guarantee, was the headline sale at Christie's '20th/21st Century Evening Sale' on March 28 in Hong Kong.

• The sale totaled $72m (HKD560m), meeting the pre-sale estimate.

Snapshot of the sale

• 39 works sold totaling $72m.
• Estimates totaled: $56.94m (low) and $82.23m (high), excluding premiums.
• The sell-through rate was 91% of the original 43 lots announced.

The star lot was: Jean-Michel Basquiat, Sabado por la Noche (Saturday Night) (1984), which sold for $14.48m, 18% above its $12.23m low estimate. The work was backed by a guarantee. It has been traded 5 times in the past.

The outperformer sold for 420% above its low estimate. Kasing Lung, Excited Plastic (2021), sold for $100,400 ($19,300 low estimate). It has been traded once in the past.

• 14 works, or 36%, sold above their high estimate.
• 25 works, or 64%, sold within their low and high estimate.
• 0 works, or 0%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

11 works were backed by guarantees, including: Jean-Michel Basquiat, Sabado por la Noche (Saturday Night) (1984). It sold for $14.48m, 18% above its $12.23m low estimate.. It has been traded 5 times in the past.

Works that did not sell

2 works were bought-in, including: Yayoi Kusama, Untitled (1970), estimated at $1.54m (low) to $2.32m (high). It has been traded 3 times in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Richard Avedon, Dovima with Elephants, Evening dress by Dior, Cirque d'Hiver, Paris, 1955 (1979) estimated at $772,200 (low) to $1.16m (high).

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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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