Yoshitomo Nara Leads Phillips $488,300 'Modern & Contemporary Art: Online Auction' in Hong Kong
3 min read · 06 Sep 2024
Sleepless Night (Sitting) by Yoshitomo Nara sold for $65,200. Image courtesy of Phillips
A work by Yoshitomo Nara was the headline sale at Phillips 'Modern & Contemporary Art: Online Auction, Hong Kong' on September 5.
- The sale totaled $488,300 (HKD3.81m), falling short of its pre-sale low estimate.
Snapshot of the sale
- 69 works sold totaling $488,300.
- Estimates totaled: $583,100 (low) and $889,500 (high), excluding premiums.
- The sell-through rate was 75% of the original 92 lots announced.
The star lot was: Yoshitomo Nara, Sleepless Night (Sitting) (2007), which sold for $65,200, 154% above its $25,700 low estimate. It has been traded twice in the past.
The outperformer sold for 852% above its low estimate. Kenny Wong Shun Ming, MEGA SPACE MOLLY (2024), sold for $12,200 ($1,283 low estimate). It has not been traded before.
Breakdown of results against auction house estimates that are disclosed
- 15 works, or 22%, sold above their high estimate.
- 29 works, or 42%, sold within their low and high estimate.
- 25 works, or 36%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
23 works were bought-in, including: Edgar Plans, Miedo A Ser Tú (Fear of Being Yourself) (2007), estimated at $38,500 (low) to $51,300 (high). It has not been traded before.
Withdrawn before the sale
0 works were withdrawn
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.