Zao Wou-ki Leads Sotheby's $13.28m Modern Day Auction

A work by Zao Wou-ki, which had a guarantee, was the headline sale at Sotheby's 'Modern Day Auction' on March 30 in Hong Kong.

• The sale totaled $13.28m (HKD104m), exceeding the pre-sale high estimate.

Snapshot of the sale

• 66 works sold totaling $13.28m.
• Estimates totaled: $7.08m (low) and $13.04m (high), excluding premiums.
• The sell-through rate was 97% of the original 68 lots announced.

The star lot was: Zao Wou-ki, Ville chinoise (1955), which sold for $2.61m, 155% above its $1.02m low estimate. The work was backed by a guarantee. It has been traded 10 times in the past.

The outperformer sold for 1954% above its low estimate. Lalan, Moon (1974), sold for $997,400 ($48,500 low estimate). It has been traded 5 times in the past.

• 36 works, or 55%, sold above their high estimate.
• 24 works, or 36%, sold within their low and high estimate.
• 6 works, or 9%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

2 works were backed by guarantees, including: Zao Wou-ki, Sans titre (1946). It sold for $359,700, 40% above its $255,500 low estimate.. It has been traded once in the past.

Works that did not sell

1 work was bought-in: Sindutomo Sudjojono, Animals in deep water (1979), estimated at $70,300 (low) to $140,500 (high). It has not been traded before.

Withdrawn before the sale

1 work was withdrawn before the sale: Tsuguharu Foujita, Two girls (1950), estimated at $229,900 (low) to $357,700 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.