Mark Rothko Leads Sotheby's $52.68m 'Modern & Contemporary Evening Auction' in Hong Kong

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 sale totaled $52.68m (HKD409.5m), falling short of its pre-sale low estimate.

Snapshot of the sale

• 22 works sold totaling $52.68m.
• Estimates totaled: $64.36m (low) and $89.76m (high), excluding premiums.
• The sell-through rate was 67% of the original 33 lots announced.

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.

• 2 works, or 9%, sold above their high estimate.
• 16 works, or 73%, sold within their low and high estimate.
• 4 works, or 18%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

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.

Works that did not sell

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.

Withdrawn before the sale

6 works were withdrawn before the sale, including: Zao Wou-ki, 02.01.65 (1965) estimated at $10.3m (low) to $15.44m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.