Yoshitomo Nara Leads Phillips $22m 'Modern & Contemporary Evening Sale' in Hong Kong

A work by Yoshitomo Nara was the headline sale at Phillips 'Modern & Contemporary Art Evening Sale' on November 25 in Hong Kong.

• The sale totaled $21.99m (HKD171.1m), meeting the pre-sale estimate.

Snapshot of the sale

• 20 works sold totaling $21.99m.
• Estimates totaled: $15.15m (low) and $23.11m (high), excluding premiums.
• The sell-through rate was 87% of the original 23 lots announced.

The star lot was: Yoshitomo Nara, Baby Blue (1999), which sold for $5.81m, 7% above its $5.4m low estimate. It has been traded 5 times in the past.

The outperformer sold for 312% above its low estimate. Lee Moka, I’m Not Like Me (2020), sold for $212,200 ($51,400 low estimate). It has been traded twice in the past.

• 6 works, or 32%, sold above their high estimate.
• 11 works, or 58%, sold within their low and high estimate.
• 2 works, or 11%, sold below their low estimate.
• 1 sold with undisclosed estimates.

Guaranteed sales

6 works were backed by guarantees, including: Pierre Soulages, Peinture 202 x 143 cm, 25 septembre 1967 (1967). It sold for $1.43m, 20% below its $1.8m low estimate.. It has been traded 6 times in the past.

Works that did not sell

2 works were bought-in, including: Le Pho, La Toilette (1938), estimated at $449,600 (low) to $578,100 (high). It has been traded 3 times in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Hilary Pecis, Scrabble Game (2015) estimated at $231,200 (low) to $321,200 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.