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Zao Wou-ki Leads Christie's $55.21m 'Avant-Garde(s) Including Thinking Italian' Auction in Paris

3 min read  ·  18 Oct 2024

24.05.65 by Zao Wou-ki sold for $4.77m.
Image courtesy of Christie's

24.05.65 by Zao Wou-ki sold for $4.77m. Image courtesy of Christie's

A work by Zao Wou-ki, which had a guarantee, was the headline sale at Christie's 'Avant-Garde(s) Including Thinking Italian' auction on October 18 in Paris.

  • The sale totaled $55.21m (EUR50.86m), exceeding the pre-sale high estimate.

Snapshot of the sale

  • 52 works sold totaling $55.21m.
  • Estimates totaled: $32.65m (low) and $48.9m (high), excluding premiums.
  • The sell-through rate was 96% of the original 54 lots announced.

The star lot was: Zao Wou-ki, 24.05.65 (1965), which sold for $4.77m, 8% above its $4.39m low estimate. The work was backed by a guarantee. It has been traded 3 times in the past.

The outperformer sold for 245% above its low estimate. no artist, Sculpture Kota par le « Maître de la Sébé » (Undated), sold for $2.28m ($658,900 low estimate). The work was backed by a guarantee. It has been traded 3 times in the past.

Breakdown of results against auction house estimates that are disclosed

Breakdown of results against auction house estimates that are disclosed

  • 25 works, or 50%, sold above their high estimate.
  • 19 works, or 38%, sold within their low and high estimate.
  • 6 works, or 12%, sold below their low estimate.
  • 2 sold with undisclosed estimates.

Guaranteed sales

12 works were backed by guarantees, including: Zao Wou-ki, 24.05.65 (1965). It sold for $4.77m, 8% above its $4.39m low estimate.. It has been traded 3 times in the past.

Works that did not sell

1 work was bought-in: Paul Serusier, Jeune bretonne à la faucille (1889), estimated at $219,600 (low) to $329,500 (high). It has been traded 6 times in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Georges Seurat, Femme en voiture (1883) estimated at $658,900 (low) to $878,500 (high).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.