3 min read · 31 May 2024
Native Carrying Some Guns, Bibles, Amorites on Safari by Jean-Michel Basquiat sold for $12.63m. Image courtesy of Phillips
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 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.
Breakdown of results against auction house estimates that are disclosed
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.
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.
2 works were withdrawn before the sale, including: Gerhard Richter, Abstract Painting (2016) estimated at $3.33m (low) to $4.61m (high).
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.