Xu Beihong Leads Christie's $1m 'Dawn of Spring – Chinese Paintings' Online Auction

A work by Xu Beihong was the headline sale at Christie's Online 'Dawn of Spring – Chinese Paintings Online' auction on February 26.

• The sale totaled $1.08m (HKD8.4m), exceeding the pre-sale high estimate.

Snapshot of the sale

• 132 works sold totaling $1.08m.
• Estimates totaled: $667,200 (low) and $1.07m (high), excluding premiums.
• The sell-through rate was 93% of the original 142 lots announced.

The star lot was: Xu Beihong, Magpie / Sparrows (1945), which sold for $81,100, 110% above its $38,500 low estimate. It has been traded once in the past.

The outperformer sold for 910% above its low estimate. Pu Ru & Huang Zhuoqun, Flowers and Birds (1950), sold for $13,000 ($1,284 low estimate).

• 58 works, or 44%, sold above their high estimate.
• 50 works, or 38%, sold within their low and high estimate.
• 24 works, or 18%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

9 works were backed by guarantees, including: Liu Kang, Mount Huang (1981). It sold for $16,200, 57% above its $10,300 low estimate..

Works that did not sell

10 works were bought-in, including: Huang Yongyu, Lotus (1983), estimated at $25,700 (low) to $38,500 (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Withdrawn before the sale

0 works were withdrawn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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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