Phillips - Modern & Contemporary Art Evening Sale
May 31st, 2024 - Hong Kong
Executive Summary
The Phillips - Modern & Contemporary Art Evening Sale presented 26 lots, achieving a strong sell-through rate of 88.5% with 23 lots finding new homes. The auction's total value, including the buyer's premium, reached HK$210.2 million, while the total hammer price value was HK$172.7 million, below the total median estimate of HK$213.6 million. The hammer ratio of 80.8% indicates that the auction underperformed relative to median expectations by 19.2%. This gap suggests cautious bidding amid current economic conditions, with collectors securing works at perceived fair prices rather than engaging in high-stakes bidding wars.