Zao Wou-Ki Leads Christie's $51.82m '20th Century Evening Sale' in Hong Kong

A work by Zao Wou-ki, which had a guarantee, was the headline sale at Christie's '20th Century Evening Sale' on May 28 in Hong Kong.

• The sale totaled $51.82m, meeting the pre-sale estimate.

Snapshot of the sale

• 31 works sold totaling $51.82m.
• Estimates totaled: $41.72m (low) and $61.35m (high), excluding premiums.
• The sell-through rate was 91% of the original 34 lots announced.

The star lot was: Zao Wou-ki, 10.01.68. (1968), which sold for $8.09m, 37% above its $5.89m low estimate. The work was backed by a guarantee. It has been traded 7 times in the past.

The outperformer sold for 225% above its low estimate. Salvo, Una sera (An Evening) (2004), sold for $419,600 ($128,100 low estimate). It has been traded once in the past.

• 9 works, or 29%, sold above their high estimate.
• 22 works, or 71%, sold within their low and high estimate.
• 0 works, or 0%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

6 works were backed by guarantees, including: Zao Wou-ki, 10.01.68. (1968). It sold for $8.09m, 37% above its $5.89m low estimate.. It has been traded 7 times in the past.

Works that did not sell

3 works were bought-in, including: Zao Wou-ki, Les Attiseurs (The Guardian of The Flame) (1955), estimated at $2.18m (low) to $2.82m (high). It has been traded 4 times in the past.

Withdrawn before the sale

0 works were withdrawn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. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.