George Condo Leads Sotheby's $5.01m 'The Now Evening Auction' in Hong Kong

A work by George Condo, which had a guarantee, was the headline sale at Sotheby's 'The Now Evening Auction' on April 5 in Hong Kong.

• The sale totaled $5.01m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 10 works sold totaling $5.01m.
• Estimates totaled: $7.79m (low) and $12.15m (high), excluding premiums.
• The sell-through rate was 71% of the original 14 lots announced.

The star lot was: George Condo, *Green Eyed Lady * (2016), which sold for $1.73m, 35% above its $1.28m low estimate. The work was backed by a guarantee. It has been traded once in the past.

The outperformer sold for 90% above its low estimate. Lucy Bull, Radiator (2019), sold for $730,000 ($383,500 low estimate). It has been traded twice in the past.

• 4 works, or 40%, sold above their high estimate.
• 5 works, or 50%, sold within their low and high estimate.
• 1 works, or 10%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

1 work was backed by a guarantee: George Condo, *Green Eyed Lady * (2016). It sold for $1.73m, 35% above its $1.28m low estimate. It has been traded once in the past.

Works that did not sell

3 works were bought-in, including: Nicolas Party, *Still Life * (2017), estimated at $2.56m (low) to $3.83m (high). It has been traded twice in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Kaws, COMPANION (ORIGINALFAKE) (2011) estimated at $703,000 (low) to $958,700 (high).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. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.