Tetsuya Ishida Leads Sotheby's $8.9m 'Modern & Contemporary Day Auction' in Hong Kong

A work by Tetsuya Ishida was the headline sale at Sotheby's 'Modern & Contemporary Day Auction' on March 30 in Hong Kong.

• The sale totaled $8.87m (HKD68.99m), meeting the pre-sale estimate.

Snapshot of the sale

• 69 works sold totaling $8.87m.
• Estimates totaled: $5.47m (low) and $9.85m (high), excluding premiums.
• The sell-through rate was 88% of the original 78 lots announced.

The star lot was: Tetsuya Ishida, Conquered 制壓 (2004), which sold for $489,800, 407% above its $96,500 low estimate. It has been traded once in the past.

The outperformer sold for 443% above its low estimate. Pierre-Auguste Renoir, Dorade et rascasse 鯛魚和蝎子魚 (1912), sold for $489,800 ($90,100 low estimate). It has been traded 7 times in the past.

• 32 works, or 46%, sold above their high estimate.
• 33 works, or 48%, sold within their low and high estimate.
• 4 works, or 6%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

1 work was backed by a guarantee: Kazuo Shiraga, Ranmaru (1986). It sold for $391,800, 21% above its $321,700 low estimate. It has been traded 3 times in the past.

Works that did not sell

5 works were bought-in, including: Jiro Yoshihara, Untitled 無題 (1971), estimated at $154,400 (low) to $231,600 (high). It has been traded 4 times in the past.

Withdrawn before the sale

4 works were withdrawn before the sale, including: Chu Teh-chun, Au pays des signes - Rives heureuses 標記之國 - 幸福海岸 (2004) estimated at $231,600 (low) to $489,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.