Yoshitomo Nara Leads Sotheby's $12.84m 'Contemporary Day Auction' in Hong Kong

A work by Yoshitomo Nara was the headline sale at Sotheby's 'Contemporary Day Auction' on April 6 in Hong Kong.

• The sale totaled $12.84m, meeting the pre-sale estimate.

Snapshot of the sale

• 51 works sold totaling $12.84m.
• Estimates totaled: $11.8m (low) and $17.72m (high), excluding premiums.
• The sell-through rate was 76% of the original 67 lots announced.

The star lot was: Yoshitomo Nara, *Guitar Girl on the Ice * (1994), which sold for $2.38m, 23% above its $1.92m low estimate. It has been traded once in the past.

The outperformer sold for 1200% above its low estimate. Andy Warhol, *Hong Kong (Two Works) * (1982), sold for $35,700 ($2,556 low estimate). It has been traded 3 times in the past.

• 18 works, or 35%, sold above their high estimate.
• 30 works, or 59%, sold within their low and high estimate.
• 3 works, or 6%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

13 works were bought-in, including: Elizabeth Peyton, Peconic (Ben) (2002), estimated at $357,900 (low) to $447,400 (high). It has been traded 3 times in the past.

Withdrawn before the sale

3 works were withdrawn before the sale, including: Yayoi Kusama, Six Guests (1986) estimated at $766,900 (low) to $1.02m (high).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. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.