Hong Kong Marquee Art Sales Total $164.9 M., up 18% from 2025 Auctions

For the second year in a row, Christie’s, Phillips and Sotheby’s are combining their major spring sales in Asia with Art Basel week in Hong Kong. The strategy clearly worked, with the three auction houses’ modern and contemporary art evening sales totaling $164.9 million. The results marked a significant rebound from last fall’s $136.3 million, the lowest total in eight years, and also topped last spring’s comparable total of $139.9 million.

Although the gallery owner told art news The auction market showed strong demand for trophy pieces from collectors across Asia, after Art Basel sales were measured.

Christie’s evening auction on March 27 achieved a turnover of HK$655.7 million (US$83.8 million), making it the auction leader of the season. Coinciding with the auction house’s 40th anniversary in Asia, Christie’s has curated a selection of works focusing on works by modern masters appearing on the market for the first time. (Unless otherwise stated, all prices include fees.)

The top lot is abstract image Created by Gerhard Richter, guaranteed by a third party, it sold for HK$92.1 million (US$11.77 million). followed by Cheval agenouillé sur un tapis (Kneeling horse on carpet) Designed by Sanyu, the house was sold for HK$63.94 million (US$8.17 million) after bidding through multiple telephone hotlines.

“The price we achieved was nearly 120% above our low estimate, which is a good sign for the health of the market – clients are bidding above estimates and actively pursuing works at auction,” Rahul Kadakia, Christie’s newly appointed president of Asia Pacific, said at a press conference after the auction, noting the strong participation of collectors in the region.

Several artist records were also set that night, including Blick Von Der Höhe (View from above)A Bali landscape painting by Walter Spies, which sold for HK$59.06 million (US$7.55 million), and a work by the old master Johannes Goedaert Flowers in a Chinese porcelain vase with butterflies and other insectsachieving results of HK$10.1 million (US$1.29 million). At the same time, the world of contemporary art saw a new benchmark in Lenz Geerk’s paintings couple on mural The transaction price was HK$2.1 million (US$275,000).

Erica Chang, vice-chairman of Christie’s Asia Pacific, said: “With at least five auctions taking place concurrently with Art Basel Hong Kong this week, it will not be easy to attract the attention of collectors.” Arts News. “But every time a Spieth piece comes out, it breaks the artist’s record.”

For Cristian Albu, Christie’s Asia Pacific head of 20th and 21st century art, the success of the sale confirms a strategic shift in a curatorial direction. “Over the years, our goal has been to make sales that prioritize quality over quantity,” Alb said. “I’m glad audiences are finally appreciating and responding to this shift.”

Christie’s increased its March 2025 evening sales total by 17% by reducing its auction catalog to 37 items from 41 last year.

Sotheby’s evening auction held at Landmark Chater Building on March 29 generated HK$548.4 million (US$70.3 million). While the auction house took advantage of last-minute withdrawals (including two works by Zeng Fanzhi and one by Yayoi Kusama) to maintain a 100% sell-through rate, the evening was defined by one undeniable trophy piece: a work by Joan Mitchell la grande valley seven. The lot sold to an online bidder for HK$129.1 million (US$17.6 million), making it the top lot of the Asian auction season and a new high for the artist in the region.

The evening further demonstrated the deep appreciation institutions and collectors have for Asian and female artists. British-Singaporean sculptors Kim Lim, Yang Fudong, Fan Yangzong and Japanese painter Kameda Bōsai all set milestone records.

Perhaps the most vivid example of the current market speed is Hattie Lee’s performance. her paintings A treasure trove of understanding The $245,000 sale became her second-highest auction price, surpassing Christie’s record of $243,000 set 48 hours earlier.

Chater Landmark’s transformation into a permanent, high-traffic retail footprint appears to be paying dividends for Sotheby’s participation. The auction house said its cross-category exhibition “Beyond Abstraction” attracted 44,500 visitors over the past two weeks, an increase of nearly 30% from last March.

Evelyn Lin, Sotheby’s Chairman of Asian Modern and Contemporary Art, said: “We feel the depth and vibrancy of the global art market, and it’s full of life and energy here in the heart of the city.” art news. “We continually strive to anticipate changes in collecting habits and lead what’s next in the market.”

Phillips’ two evening sales, held concurrently with Sotheby’s evening sales, brought in a total of HK$88.5 million (US$11.3 million), up from HK$79 million in the same period last year.

The highlight of the Modern and Contemporary Evening Sale is Liu Dan’s large-scale ink paintings dictionarysold to a telephone bidder for HK$9 million, 150% higher than the lowest estimate.

Looking at the results of this year’s Hong Kong International Art Week, Hong Kong continues to maintain its status as the center of modern masters in Asia. At the same time, artists from Southeast Asia, South Korea and other regions are increasingly consolidating their market value.

However, this resilience comes with a caveat. Patti Wong, an art consultant and former auction house executive, noted that while the city has been successful in attracting buyers, auction houses still face pressure to maintain discipline.

“Hong Kong has done well in attracting buyers this year, and auction houses have performed well despite market pressure,” Huang told reporters. art news. “But in today’s climate, auction houses have to be realistic with the estimates they give. If the estimate is too high, it immediately turns off collectors. You can’t expect them to buy at any price; the estimate has to reflect current reality. Only when the pricing is accurate will collectors actually participate and bid.”