Zao Wou-ki Leads Christie's $20.8m '20th/21st Century Evening Sale' in Shanghai

A work by Zao Wou-ki was the headline sale at Christie's '20th/21st Century Evening Sale' on November 7 in Shanghai.

• The sale totaled $20.8m (CNY149m), meeting the pre-sale estimate.

Snapshot of the sale

• 24 works sold totaling $20.8m.
• Estimates totaled: $17.4m (low) and $26.75m (high), excluding premiums.
• The sell-through rate was 89% of the original 27 lots announced.

The star lot was: Zao Wou-ki, 30.09.65 (1965), which sold for $9.01m, 42% above its $6.32m low estimate. It has been traded twice in the past.

The outperformer sold for 710% above its low estimate. Marc Chagall, La femme en rose à Sils (1966), sold for $96,700 ($11,900 low estimate). It has not been traded before.

• 12 works, or 50%, sold above their high estimate.
• 12 works, or 50%, sold within their low and high estimate.
• 0 works, or 0%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

3 works were bought-in, including: Yayoi Kusama, INFINITY-NETS (TWAHZN) (2006), estimated at $1.97m (low) to $2.81m (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Withdrawn before the sale

0 works were withdrawn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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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