San-Yu Leads Christie's $12.2m '20th Century Art Day Sale' in Hong Kong

A work by San-Yu was the headline sale at Christie's '20th Century Art Day Sale' on November 29 in Hong Kong.

• The sale totaled $12.2m, meeting the pre-sale estimate.

Snapshot of the sale

• 75 works sold totaling $12.2m.
• Estimates totaled: $9.62m (low) and $14.93m (high), excluding premiums.
• The sell-through rate was 90% of the original 83 lots announced.

The star lot was: San-Yu, Vase blanc, fleurs blanches, fond rose (White Pot, White Flowers, Pink Background) (1930), which sold for $2.45m, 91% above its $1.28m low estimate. It has been traded 3 times in the past.

The outperformer sold for 1600% above its low estimate. Dullah, Barong Dance in Bali (1963), sold for $355,500 ($20,500 low estimate). It has been traded twice in the past.

• 36 works, or 48%, sold above their high estimate.
• 32 works, or 43%, sold within their low and high estimate.
• 7 works, or 9%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

1 work was backed by a guarantee: Shiraga Kazuo, Yo Ryn Kun (1989). It sold for $387,800, 13% below its $448,400 low estimate. It has been traded 3 times in the past.

Works that did not sell

7 works were bought-in, including: Zao Wou-Ki, 18.02.2002 (2002), estimated at $576,500 (low) to $832,700 (high). It has been traded 3 times in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Wu Guanzhong, A Seaside Scene of the Lao Mountains I (1975) estimated at $1.28m (low) to $1.92m (high).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. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.