Zhang Daqian Leads Christie's $15.54m 'Fine Chinese Modern and Contemporary Ink Paintings' Auction in Hong Kong

A work by Zhang Daqian was the headline sale at Christie's 'Fine Chinese Modern and Contemporary Ink Paintings' auction on May 1 in Hong Kong.

• The sale totaled $15.54m (HKD120.5m), exceeding the pre-sale high estimate.

Snapshot of the sale

• 167 works sold totaling $15.54m.
• Estimates totaled: $10.05m (low) and $15.37m (high), excluding premiums.
• The sell-through rate was 87% of the original 193 lots announced.

The star lot was: Zhang Daqian, In Search of Paradise (1981), which sold for $1.84m, 42% above its $1.29m low estimate. It has not been traded before.

The outperformer sold for 1317% above its low estimate. Kang Sheng, Pine (1963), sold for $219,300 ($15,500 low estimate).

• 105 works, or 63%, sold above their high estimate.
• 53 works, or 32%, sold within their low and high estimate.
• 9 works, or 5%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

26 works were bought-in, including: Huang Yongyu, The Ponte Vecchio Bridge (1990), estimated at $154,700 (low) to $232,100 (high). It has not been traded before.

Withdrawn before the sale

0 works were withdrawn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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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