Cai Guo Qiang Leads Phillips $4.29m 'New Now: Modern & Contemporary Art' Auction in London

A work by Cai Guo Qiang was the headline sale at Phillips 'New Now: Modern & Contemporary Art' auction on April 10 in London.

• The sale totaled $4.29m (GBP3.3m), meeting the pre-sale estimate.

Snapshot of the sale

• 126 works sold totaling $4.29m.
• Estimates totaled: $3.44m (low) and $5.04m (high), excluding premiums.
• The sell-through rate was 77% of the original 164 lots announced.

The star lot was: Cai Guo Qiang, Poppy Series: Animals No. 2 (2016), which sold for $742,600, 1045% above its $64,800 low estimate. It has been traded twice in the past.

The outperformer sold for 1045% above its low estimate. Cai Guo Qiang, Poppy Series: Animals No. 2 (2016), sold for $742,600 ($64,800 low estimate). It has been traded twice in the past.

• 62 works, or 49%, sold above their high estimate.
• 43 works, or 34%, sold within their low and high estimate.
• 21 works, or 17%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

34 works were bought-in, including: Rudolf Stingel, Untitled (1989), estimated at $103,700 (low) to $155,600 (high). It has been traded once in the past.

Withdrawn before the sale

4 works were withdrawn before the sale, including: Michelangelo Pistoletto, Lavoro - Autocisterna (2008) estimated at $129,700 (low) to $194,500 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.