Zeng Fanzhi Leads Christie's $10.8m '20th/21st Century Evening Sale' in Shanghai
3 min read · 04 Apr 2025
Mask Series No. 4 by Zeng Fanzhi sold for $2.46m. Image courtesy of Christie's
A work by Zeng Fanzhi was the headline sale at Christie's '20th/21st Century Evening Sale' on April 3 in Shanghai.
- The sale totaled $10.82m (CNY78.65m), falling short of its pre-sale low estimate.
Snapshot of the sale
- 40 works sold totaling $10.82m.
- Estimates totaled: $13.52m (low) and $21.41m (high), excluding premiums.
- The sell-through rate was 75% of the original 53 lots announced.
The star lot was: Zeng Fanzhi, Mask Series No. 4 (1997), which sold for $2.46m, 77% above its $1.38m low estimate. It delivered a 21% negative return, however. It has been traded 5 times in the past.
The outperformer sold for 526% above its low estimate. George Rouy, Chaos of Love (2018), sold for $26,000 ($4,148 low estimate). It has been traded twice in the past.
Breakdown of results against auction house estimates that are disclosed
- 16 works, or 40%, sold above their high estimate.
- 20 works, or 50%, sold within their low and high estimate.
- 4 works, or 10%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
13 works were bought-in, including: Zao Wou-ki, Zitterlein (1956), estimated at $2.77m (low) to $4.15m (high). It has been traded 7 times 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Withdrawn before the sale
0 works were withdrawn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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.