Kuwai Hana Leads Phillips $963,700 'Editions, Photographs and Design' Auction in Hong Kong

A work by Kuwai Hana was the headline sale at Phillips 'Editions, Photographs and Design' auction on December 12 in Hong Kong.

• The sale totaled $963,700 (HKD7.49m), meeting the pre-sale estimate.

Snapshot of the sale

• 97 works sold totaling $963,700.
• Estimates totaled: $715,000 (low) and $1.1m (high), excluding premiums.
• The sell-through rate was 87% of the original 111 lots announced.

The star lot was: Kuwai Hana, UNDULATION : Dragon Golden Dragon (Undated), which sold for $138,800, 350% above its $30,800 low estimate.

The outperformer sold for 450% above its low estimate. Shiro Kuramata, Early 'How High the Moon' two-seater sofa (1986) (1988), sold for $42,500 ($7,710 low estimate). It has been traded once in the past.

• 36 works, or 37%, sold above their high estimate.
• 43 works, or 44%, sold within their low and high estimate.
• 18 works, or 19%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

13 works were bought-in, including: Yayoi Kusama, Pumpkins (Yellow, Red, Green) (1998), estimated at $38,600 (low) to $51,400 (high).

Withdrawn before the sale

1 work was withdrawn before the sale: Steven Klein, Kate Moss Study #7 (2011) estimated at $28,300 (low) to $41,100 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.