The latest outcomes of Christie’s and Phillips trendy and modern night auctions in Hong Kong offered further information indicating a shift within the artwork market after a number of years of blockbuster property gross sales and high-profile consignments.
The gross sales included loads of ensures and a number of other works by artists whose momentum has cooled amid larger rates of interest, ongoing geopolitical battle, and issues over the upcoming US nationwide election.
Whereas Phillips’ spring night sale in Hong Kong had solely 24 heaps, the public sale home managed to experience the continued wave of demand for Jean-Michel Basquiat by promoting Native Carrying Some Weapons, Bibles, Amorites on Safari for HK$99 million or U$12.6 million, the best quantity for the season throughout all of the public sale homes and classes in Hong Kong. The work carried an estimate of HK$90 million to HK$120 million.
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Phillips was additionally the one public sale home to consign a piece by Banksy. The favored avenue artist was absent from this previous New York spring public sale season however The Leopard and Lamb bought at Phillips Hong Kong on Might 31 for HK$36.8 million or $4.7 million on an estimate of HK$18 million to $28 million.
Phillips mentioned its Trendy and Up to date artwork spring gross sales in Hong have been 22 p.c larger in comparison with final season, with works by Zao Wou-Ki, Yoshitomo Nara, Yayoi Kusama, and Andy Warhol accounting for six out of the highest ten heaps.
Christie’s mentioned in a press launch that its Asia Spring auctions on Might 28 and 29 generated a complete of HK$963 million ($124 million), with “near 90% bought by lot and by worth and over 40% of heaps bought over excessive estimate.” Nevertheless, final yr Christie’s spring auctions in Hong Kong generated HK$1.24 billion ($159 million), indicating a drop of twenty-two p.c in gross sales together with charges.
Different declines included the variety of works which bought for above HK$10 million ($1.3 million) in comparison with final yr (22 for 2024, versus 36 for 2023). There have been additionally fewer heaps (81 in 2024; 88 in 2023) on this yr’s twentieth and twenty first Century night gross sales in comparison with the twentieth/twenty first Century and Submit-Millennium night gross sales, in addition to extra works that didn’t promote (14 in 2024; 12 in 2023).
A shiny yellow acrylic and silkscreen Flowers portray from 1965 by Andy Warhol was the highest lot, at HK$66.625 million with charges ($8.5million USD), on an estimate of (HK $62.8 million – HK $92.8 million). Different prime sellers included Zao Wou-Ki’s 10.01.68 for HK $63.175 million, or roughly $8.13 million (estimate of HK$68 million to HK$ 98 million), Yayoi Kusama’s 83-inch tall sculpture Pumpkin (2012) for HK $48.775 million, or $6.28 million (estimate of HK$40 million to HK$60 million), and Rene Magritte’s 1944 portray of a rose L’Invitation au voyage for HK $42.725 million or simply beneath $5.5 million (estimate of HK$28 million to HK$38 million).
Eight of the highest ten heaps throughout Christie’s 4 gross sales on Might 28 and Might 29 had ensures, except Yoshitomo Nara’s Portrait of AE (2009) and Rock You! (2006).
It’s price noting that Paul Cezanne’s La Montagne Sainte-Victoire vue des Lauves (circa 1902-1906) bought for HK$22.16 million or $4.5 million, on an estimate of HK$20 million to HK$30 million. That determine was a drop from when the consignor bought the work in June 2014 from Christie’s in London for £3.55 million or about $6 million.
The promoting worth for Zao Wou-Ki’s 10.01.68 was additionally decrease than when it beforehand appeared at public sale at Sotheby’s Hong Kong in November 2018, when it bought for HK$68.9 million or $8.8 million, because the lead lot for a sale of Summary artworks in the home’s Brushwork collection.
Breakout outcomes included a Salvo for HK$3.2 million (estimate HK$1 million to HK$1.5 million), a Marina Perez Simao portray for HK$2.1 million (estimate of HK$700,000 to HK$1.2 million), and a Ben Sledsen work for HK$1.6 million (estimate of HK$200,000 to HK$400,000). Works by Michaela Yearwood-Dan, Miriam Cahn, Lee Bae, Xia Yu, Katherine Bernhardt, and Sholto Blissett additionally bought above excessive estimates.
Christie’s mentioned world auctions data have been additionally set for Rhee Seundja, Nguyen Tu Nghiem, Skygolpe, Ay-o, Sholto Blissett, Jeong Younger-do, Son Dong-Hyun, Daniel Correa Mejia, Jeon Hyun-Solar and Kim Su-Yeon.
Notably, two works by Nicholas Get together didn’t promote (one had an estimate of HK$22 million to HK$28 million, or $2.8 million to $3.6 million), in addition to a Wayne Thiebaud (estimate of HK$30 million to HK$40 million, or $3.8 million to $5.1 million), which had the third highest estimate of the home’s twenty first Century sale.
Christie’s additionally formally introduced on the finish of its gross sales that it could maintain its inaugural auctions at its new Asia Pacific headquarters at The Henderson constructing in Central district on September 26 and September 27, beginning with gross sales of twentieth and twenty first Century artwork.