3 min read · 24 Oct 2024
Autumn Mountains Amidst Clouds by Wu Hufan sold for $1.85m. Image courtesy of Sotheby's
A work by Wu Hufan was the headline sale at Sotheby's 'Fine Chinese Paintings' auction on October 23 in Hong Kong.
The star lot was: Wu Hufan, Autumn Mountains Amidst Clouds (1948), which sold for $1.85m, 19% above its $1.55m low estimate.
The outperformer sold for 699% above its low estimate. Zhang Daqian, Pavilions by Willow Trees (Undated), sold for $61,800 ($7,726 low estimate).
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
8 works were bought-in, including: Zhang Daqian, Hiking on the Double Ninth Festival (1961), estimated at $1.29m (low) to $1.93m (high).
0 works were withdrawn
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.