3 min read · 01 Jun 2024
25.11.81 by Zao Wou-ki sold for $1.53m. Image courtesy of Phillips
A work by Zao Wou-ki was the headline sale at Phillips 'Modern & Contemporary Art Day Sale' on June 1 in Hong Kong.
The star lot was: Zao Wou-ki, 25.11.81 (1981), which sold for $1.53m, 70% above its $897,500 low estimate. It has been traded once in the past.
The outperformer sold for 600% above its low estimate. Atsushi Kaga, Usacchi Sewing (2012), sold for $22,700 ($3,205 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: Yayoi Kusama, Pumpkin (1982). It sold for $600,900, 46% above its $410,300 low estimate. It has been traded twice in the past.
10 works were bought-in, including: Anna Park, Untitled (2021), estimated at $153,900 (low) to $282,100 (high). It has been traded 3 times in the past.
12 works were withdrawn before the sale, including: Ju Ming, *Taichi Series * (2000) estimated at $256,400 (low) to $384,700 (high).
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.