3 min read · 27 Sep 2024
10.04.2006 by Zao Wou-ki sold for $1.76m. Image courtesy of Christie's
A work by Zao Wou-ki was the headline sale at Christie's '20th Century Day Sale' on September 27 in Hong Kong.
The star lot was: Zao Wou-ki, 10.04.2006 (2006), which sold for $1.76m, 8% below its $1.92m low estimate. It has been traded twice in the past.
The outperformer sold for 404% above its low estimate. Cheong Soo Pieng, Mother and Children (1979), sold for $97,200 ($19,200 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
1 work was backed by a guarantee: Chu Teh-chun, Composition No. 535 (1973). It sold for $777,500, 34% above its $577,400 low estimate. It has been traded twice in the past.
8 works were bought-in, including: Chu Teh-chun, No. 211 (1965), estimated at $384,900 (low) to $641,500 (high). It has been traded twice in the past.
2 works were withdrawn before the sale, including: Sanyu, Woman with Hoop Earrings (Undated) estimated at $89,800 (low) to $154,000 (high).
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.