Zao Wou-ki Leads Christie's $12.24m '20th Century Day Sale' in Hong Kong

A work by Zao Wou-ki was the headline sale at Christie's '20th Century Day Sale' on September 27 in Hong Kong.

• The sale totaled $12.24m (HKD95.22m), meeting the pre-sale estimate.

Snapshot of the sale

• 43 works sold totaling $12.24m.
• Estimates totaled: $10.38m (low) and $16.04m (high), excluding premiums.
• The sell-through rate was 81% of the original 53 lots announced.

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.

• 22 works, or 51%, sold above their high estimate.
• 19 works, or 44%, sold within their low and high estimate.
• 2 works, or 5%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

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.

Works that did not sell

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.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Sanyu, Woman with Hoop Earrings (Undated) estimated at $89,800 (low) to $154,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.