Liu Ye Leads Phillips $2.4m 'New Now & Design' Auction in Hong Kong
3 min read · 27 Nov 2023
Hey! by Liu Ye sold for $456,100. Image courtesy of Phillips
A work by Liu Ye was the headline sale at Phillips 'New Now & Design' auction on November 26 in Hong Kong.
- The sale totaled $2.4m, falling short of its pre-sale low estimate.
Snapshot of the sale
- 80 works sold totaling $2.4m.
- Estimates totaled: $2.64m (low) and $4.19m (high), excluding premiums.
- The sell-through rate was 72% of the original 111 lots announced.
The star lot was: Liu Ye, Hey! (2000), which sold for $456,100, 18% above its $384,800 low estimate. It has not been traded before.
The outperformer sold for 400% above its low estimate. San-Yu, Horse and Acrobat (1929), sold for $27,700 ($5,131 low estimate). It has been traded twice in the past.
A talking point was Albert Willem, Dancing at the Ball (2020), which sold for $48,900, 275% above its $12,800 low estimate. The work has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
- 31 works, or 39%, sold above their high estimate.
- 30 works, or 38%, sold within their low and high estimate.
- 19 works, or 24%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
25 works were bought-in, including: Takashi Murakami, Forest of DOB (1995), estimated at $64,100 (low) to $89,800 (high). It has been traded 5 times in the past.
Withdrawn before the sale
6 works were withdrawn before the sale, including: Mr., First Time Ever (2007) estimated at $128,300 (low) to $256,500 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.