The May auction season is coming to a close in Hong Kong, where Christie’s hosted back-to-back sales of 20th-century and 21st-century art on May 28. Together, the sales netted HK$743 million (about $95.6 million in U.S. dollars). That is roughly comparable to the HK$725.7 million ($92.7 million) that the house reported across those two sales last year. However, last year’s events also included a “Post-Millennium Sale” that added another HK$163 million, or $21 million, to its total haul.
In a remarkable coincidence, the top lot in each sale went for almost the same price. A painting from Andy Warhol’s flowers series made HK$66.6 million ($8.5 million) in the 21st-century sale, while a Zao Wou-Ki made HK$63.2 million ($8.1 million) in the 20th-century sale.
The 20th-century sale saw several high-quality works sell for solid seven-figure sums (as measured in greenbacks), like René Magritte’s L’invitation au voyage (1961) for HK$42.7 million ($5.5 million) and Chen Yifei’s Lingering Melodies from the Xunyang River (1991) for HK$35.5 million ($4.5 million).
Below, an in-depth look at the action.
20th-Century Evening Sale
Total Sales After Fees: HK$404.6 million ($52.1 million)
Total of Equivalent Sale Last Year: Not applicable, since 20th-century and 21st-century material were reported as a single sale, along with a Post-Millennium Sale.
Hammer Total: HK$327.8 million ($42.2 million)
Top Seller: 10.01.68 (1968) by Zao Wou-Ki, for HK$63.2 million ($8.1 million)
Lots on Offer: 34
Lots Withdrawn: 0
Lots Passed: 3
Lots Sold: 31
Sell-through Rate: 91 percent
Presale Low Estimate: HK$325.7 million ($41.9 million)
Hammer Total vs. Presale Low Estimate: +HK$2.1 million ($300,000)
Lots Guaranteed: 6
Lots With House Guarantees: 0
Lots With Third-Party Guarantees: 6
Total Low Estimate of Third-Party Guaranteed Lots: HK$161.5 million ($20.7 million)
21st-Century Evening Sale
Total Sales After Fees: HK$338.3 million ($43.5 million)
Total of Equivalent Sale Last Year: Not applicable, since the 20th-century and 21st-century sales were held/reported as one sale.
Hammer Total: HK$274.9 million ($35.4 million)
Top Seller: Andy Warhol Flowers (1965), for HK$66.6 million ($8.5 million)
Lots on Offer: 47
Lots Withdrawn: 3
Lots Sold: 37
Lots Bought In: 10
Sell-through Rate: 74 percent
Sell-through Rate After Withdrawals: 79 percent
Presale Low Estimate: HK$465.3 million ($59.5 million)
Presale Low Estimate After Withdrawals: HK$417.4 million ($53.7 million)
Hammer Total vs. Presale Low Estimate: -HK$190.4/ ($24.3 million)
Hammer Total vs. Presale Low Estimate (revised after withdrawals): -HK$142 million ($18 million)
Lots Guaranteed: 8
Lots With House Guarantees: 2
Lots With Third-Party Guarantees: 6
Total Low Estimate of Withdrawn Lots: HK$47.9 million ($6.1 million)
Total Low Estimate of Guaranteed Lots: HK$173 million ($22.2 million), 41 percent of total presale low estimate
Total Low Estimate of Third-Party Guaranteed Lots: HK$149.3 million ($19 million), 35 percent of total presale low estimate
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