Yayoi Kusama Leads Sotheby's $5.1m 'Modern & Contemporary Day Auction | Session 1 - Contemporary Art' in Hong Kong

A work by Yayoi Kusama was the headline sale at Sotheby's 'Modern & Contemporary Day Auction | Session 1 - Contemporary Art' on November 12 in Hong Kong.

• The sale totaled $5.1m (HKD39.68m), falling short of its pre-sale low estimate.

Snapshot of the sale

• 41 works sold totaling $5.1m.
• Estimates totaled: $6.16m (low) and $10.09m (high), excluding premiums.
• The sell-through rate was 66% of the original 62 lots announced.

The star lot was: Yayoi Kusama, Untitled 無題 (1970), which sold for $401,100, 55% above its $257,300 low estimate. It has been traded once in the past.

The outperformer sold for 219% above its low estimate. Eva Helene Pade, A Story To Be Told #14 要被敘述的故事14號 (2021), sold for $123,400 ($38,600 low estimate). It has been traded once in the past.

• 6 works, or 15%, sold above their high estimate.
• 31 works, or 76%, sold within their low and high estimate.
• 4 works, or 10%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

2 works were backed by guarantees, including: Damien Hirst, Beautiful Architect 美麗的締造者 (2003). It sold for $385,700, 14% below its $450,300 low estimate.. It has been traded twice in the past.

Works that did not sell

16 works were bought-in, including: Ayako Rokkaku, Untitled 無題 (2011), estimated at $257,300 (low) to $386,000 (high). It has not been traded before.

Withdrawn before the sale

5 works were withdrawn before the sale, including: Atsuko Tanaka, '97C (1997) estimated at $231,600 (low) to $411,700 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.