Jean-Michel Basquiat Leads Phillips $26.89m 'Modern & Contemporary Art Evening Sale' in Hong Kong

A work by Jean-Michel Basquiat, which had a guarantee, was the headline sale at Phillips 'Modern & Contemporary Art Evening Sale' on May 31 in Hong Kong.

• The sale totaled $26.89m, meeting the pre-sale estimate.

Snapshot of the sale

• 23 works sold totaling $26.89m.
• Estimates totaled: $26.24m (low) and $37.63m (high), excluding premiums.
• The sell-through rate was 88% of the original 26 lots announced.

The star lot was: Jean-Michel Basquiat, Native Carrying Some Guns, Bibles, Amorites on Safari (1982), which sold for $12.63m, 9% above its $11.54m low estimate. The work was backed by a guarantee. It has been traded 3 times in the past.

The outperformer sold for 800% above its low estimate. Teppei Takeda, Painting of Painting 026 (2019), sold for $235,500 ($25,600 low estimate). It has been traded twice in the past.

• 10 works, or 43%, sold above their high estimate.
• 11 works, or 48%, sold within their low and high estimate.
• 2 works, or 9%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

3 works were backed by guarantees, including: Jean-Michel Basquiat, Native Carrying Some Guns, Bibles, Amorites on Safari (1982). It sold for $12.63m, 9% above its $11.54m low estimate.. It has been traded 3 times in the past.

Works that did not sell

1 work was bought-in: Zao Wou-ki, 30.09.97 (1997), estimated at $769,000 (low) to $1.28m (high). It has been traded 4 times in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Gerhard Richter, Abstract Painting (2016) estimated at $3.33m (low) to $4.61m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.