Claude Monet Leads Sotheby's $6.22m 'Modern & Contemporary Day Auction | Session 2 - Modern Art' in Hong Kong

A work by Claude Monet was the headline sale at Sotheby's 'Modern & Contemporary Day Auction | Session 2 - Modern Art' on November 12 in Hong Kong.

• The sale totaled $6.22m (HKD48.4m), falling short of its pre-sale low estimate.

Snapshot of the sale

• 45 works sold totaling $6.22m.
• Estimates totaled: $6.56m (low) and $11.2m (high), excluding premiums.
• The sell-through rate was 75% of the original 60 lots announced.

The star lot was: Claude Monet, Les nuages 雲 (1868), which sold for $925,700, 139% above its $386,100 low estimate. It has been traded 9 times in the past.

The outperformer sold for 599% above its low estimate. Shi Hu, Zi Yu 子魚 (2019), sold for $270,000 ($38,600 low estimate). It has not been traded before.

• 16 works, or 36%, sold above their high estimate.
• 26 works, or 58%, sold within their low and high estimate.
• 3 works, or 7%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

13 works were bought-in, including: Chu Teh-chun, Textures Contrastées 對映 (2006), estimated at $514,800 (low) to $772,100 (high). It has been traded once in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Zao Wou-ki, 04.03.63 (1963) estimated at $1.03m (low) to $1.54m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.