Zao Wou-Ki Leads Phillips $10.97m 'Modern & Contemporary Art Day Sale' in Hong Kong

A work by Zao Wou-ki was the headline sale at Phillips 'Modern & Contemporary Art Day Sale' on June 1 in Hong Kong.

• The sale totaled $10.97m, meeting the pre-sale estimate.

Snapshot of the sale

• 97 works sold totaling $10.97m.
• Estimates totaled: $9.31m (low) and $14.15m (high), excluding premiums.
• The sell-through rate was 82% of the original 119 lots announced.

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.

• 37 works, or 38%, sold above their high estimate.
• 46 works, or 47%, sold within their low and high estimate.
• 14 works, or 14%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

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.

Works that did not sell

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.

Withdrawn before the sale

12 works were withdrawn before the sale, including: Ju Ming, *Taichi Series * (2000) estimated at $256,400 (low) to $384,700 (high).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. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.