3 min read · 29 Nov 2023
Winter Trees by Nicolas Party sold for $2.38m. Image courtesy of Christie's
A work by Nicolas Party, which had a guarantee, was the headline sale at Christie's '21st Century Art Day Sale' on November 29 in Hong Kong.
The star lot was: Nicolas Party, Winter Trees (2017), which sold for $2.38m, 68% above its $1.41m low estimate. The work was backed by a guarantee. It has been traded once in the past.
The outperformer sold for 1600% above its low estimate. Yi Wang, In the Jungle (2020), sold for $177,700 ($10,300 low estimate). It has been traded twice in the past.
A talking point was Salvo, I giorni della brina (The days of snow) (2010), which sold for $193,900, 600% more than its $26,000 low estimate. The work has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
2 works were backed by guarantees, including: Nicolas Party, Winter Trees (2017). It sold for $2.38m, 68% above its $1.41m low estimate.. It has been traded once in the past.
14 works were bought-in, including: Zhang Xiaogang, Duplicated Space No.1 (1989), estimated at $320,700 (low) to $577,200 (high). It has been traded 3 times in the past.
2 works were withdrawn before the sale, including: Jamian Juliano-Villani, Stay Weird (2021) estimated at $25,700 (low) to $38,500 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.