3 min read · 07 Nov 2024
Untitled (Yellow and Blue) 無題(黃與藍) by Mark Rothko sold for $32.48m. Image courtesy of Sotheby's
A work by Mark Rothko, which had a guarantee, was the headline sale at Sotheby's 'Modern & Contemporary Evening Auction' on November 11 in Hong Kong.
The star lot was: Mark Rothko, Untitled (Yellow and Blue) 無題(黃與藍) (1954), which sold for $32.48m, 12% above its $28.96m low estimate. The work was backed by a guarantee. The sale price was below the last time the painting was sold at auction in 2015 by $13.97m, realizing a 30% negative return. It has been traded 6 times in the past.
The outperformer sold for 549% above its low estimate. Shi Hu, Heaven 天吒圖 (2017), sold for $1m ($154,400 low estimate). It has not been traded before.
Breakdown of results against auction house estimates that are disclosed
11 works were backed by guarantees, including: Mark Rothko, Untitled (Yellow and Blue) 無題(黃與藍) (1954). It sold for $32.48m, 12% above its $28.96m low estimate.. It has been traded 6 times in the past.
5 works were bought-in, including: Zao Wou-ki, Sans titre 無題 (1950), estimated at $707,800 (low) to $1.09m (high). It has been traded 8 times in the past.
6 works were withdrawn before the sale, including: Zao Wou-ki, 02.01.65 (1965) estimated at $10.3m (low) to $15.44m (high).
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.