Hong Kong Auctions Tumble by 33%

The Hong Kong auctions, which kicked off at Christie’s on March 28 followed by Sotheby’s and Phillips over the weekend, fell by 33% compared to last year. There was a $75m drop in the combined total from $225m in 2024 to $150m this year.

Data compiled by HENI News showed Asia is not immune from general market uncertainty, even though the works of art consigned largely met pre-sale estimates. The results could be described as solid, given global circumstances, with volatile stocks and currencies.

Sotheby’s saw its total sales drop sharply to $47m from $99m in 2024, a 52% decrease. Christie’s fared better, with sales totaling $100m, compared to $123m in 2024, a more measured drop of nearly 19%.

Both auction houses moved their spring sales forward to coincide with VIP collectors in Hong Kong for the Asian edition of Art Basel and sales were dominated by tried and tested artists rather than rising stars.

Phillips, which held one sale last week, plans two sales in May, the details of which are still to be announced. Its “New Now” sale on March 28-29 totaled just over $2.8m, an 8% decrease on its $3.1m total in 2024.

The fall in sales mirrored almost exactly the results in early March in London, where auctions were down 31%, totaling $328m compared to $474m in 2024, according to HENI News data.

The Hong Kong auctions were led by a Jean-Michel Basquiat painting at Christie’s evening sale, which totaled $72m, meeting the pre-sale estimate. His Sabado por la Noche (Saturday Night)(1984), which was backed by a guarantee, sold to an Asian collector for $14.48m, 18% above its $12m low estimate.

Also as expected, a still-life by Marc Chagall led Sotheby’s evening sale in Hong Kong, which totaled $38m, meeting the pre-sale estimate. The 1930 Chagall, Fleurs de printemps (La Cruche aux fleurs de printemps) sold for $4.44m, 56% above its $2,8m low estimate.

Another blue-chip lot, Yayoi Kusama’s Starry Pumpkin (2019), failed to soar at Sotheby's. The Japanese artist’s sculpture sold for $1.93m, 6% below its low estimate. Brighter spots included the sale of a work by Tetsuya Ishida, which led Sotheby’s day sale. The late Japanese artist’s painting Conquered (2004), completed a year before his untimely death, sold for $489,800, more than five times the low estimate.

The slowdown seen in London and now Asia will test the confidence of the auction houses and their clients ahead of their next marquee sales, which are due to take place in New York in May.