Yoshitomo Nara Leads Phillips $20.55m 'Modern & Contemporary Art Evening Sale' in Hong Kong

A work by Yoshitomo Nara, which had a guarantee, was the headline sale at Phillips 'Modern & Contemporary Art Evening Sale' on September 27 in Hong Kong.

• The sale totaled $20.55m (HKD160m), falling short of its pre-sale low estimate.

Snapshot of the sale

• 20 works sold totaling $20.55m.
• Estimates totaled: $23.18m (low) and $33.19m (high), excluding premiums.
• The sell-through rate was 74% of the original 27 lots announced.

The star lot was: Yoshitomo Nara, Pinky (2000), which sold for $7.28m, 5% below its $7.71m low estimate. The work was backed by a guarantee. It has been traded twice in the past.

The outperformer sold for 376% above its low estimate. Firenze Lai, Basic Knot (2016), sold for $61,300 ($12,900 low estimate). It has been traded once in the past.

• 5 works, or 25%, sold above their high estimate.
• 9 works, or 45%, sold within their low and high estimate.
• 6 works, or 30%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

6 works were backed by guarantees, including: Zao Wou-ki, 27.01.86 (1986). It sold for $3.83m, its estimated price.. It has been traded 9 times in the past.

Works that did not sell

0 works were bought-in.

Withdrawn before the sale

7 works were withdrawn before the sale, including: Pierre Soulages, Peinture 222 x 137 cm, 14 mai 2015 (2015) estimated at $1m (low) to $1.41m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.