Banksy Leads Phillips $1.06m 'Editions' Auction in Hong Kong

A work by Banksy was the headline sale at Phillips 'Editions' auction on March 28 in Hong Kong.

• The sale totaled $1.06m (HKD8.25m), falling short of its pre-sale low estimate.

Snapshot of the sale

• 101 works sold totaling $1.06m.
• Estimates totaled: $1.16m (low) and $1.69m (high), excluding premiums.
• The sell-through rate was 75% of the original 135 lots announced.

The star lot was: Banksy, Barely Legal (LA Edition) (2007), which sold for $106,100, 3% above its $102,900 low estimate.

The outperformer sold for 323% above its low estimate. Donald Judd, *Untitled: two plates * (1988), sold for $9,798 ($2,316 low estimate). It has not been traded before.

• 26 works, or 26%, sold above their high estimate.
• 48 works, or 48%, sold within their low and high estimate.
• 27 works, or 27%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

31 works were bought-in, including: Kaws, THE NEWS (2017), estimated at $41,200 (low) to $70,800 (high). It has been traded once in the past.

Withdrawn before the sale

3 works were withdrawn before the sale, including: Pablo Picasso, *Portrait de Jacqueline au fauteuil (Portrait of Jacqueline in an Armchair) * (1958) estimated at $38,600 (low) to $51,500 (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. Estimates, sale prices and totals are converted into US dollars. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.