KEY

TAKE

AWAYS

• Early and Large Maos account for 17% of lot volume but 70% of sales revenue.

• Small Maos performed best relative to their estimates.

• No Giant Maos were of fered at auction.

AU C T I O N M A R K E T (2 0 0 4-2 0 2 3)

Period

Breakdown

$102.9M

Large Maos (1973)

Sales Revenue

0% 71% 29% (7)

408 M

Medium Maos 1973

Sales Revenue

9 45 45 11

586 M

Small Maos 1973

Sales Revenue

3 37 61 38

$128.7M

Early Maos (1972)

Sales Revenue

0% 50% 50% (2)

10

Sales Revenue by Series

Below estimate Within estimate Above estimate

Number of lots carrying presale estimates