Highlights from Christie’s Evening Sale
Christie’s Evening Sale captured attention with a standout piece by Jean-Michel Basquiat, which sold for $14.5 million. In a week that showcased major auctions in Hong Kong, the three auction houses collectively garnered $154.4 million, reflecting a noticeable shift in the Asian art market towards more cautious and selective buying. The bidding environment lacked the dramatic excitement typically associated with auctions, but robust participation from Southeast Asia indicated a growing economic and artistic presence in the region. Additionally, Millennials emerged as active participants, hinting at shifting dynamics in contemporary art collecting.
Strategic Alignments and Impressive Results
All three auction houses synchronized their major sales to coincide with Art Basel Hong Kong. This strategic alignment highlights the increasing importance of the Asia-Pacific region in the global art market. Christie’s second evening auction, featuring 20th and 21st-century art, took place in its newly established headquarters and achieved a sale total of HKD 841,653,720 ($108,689,815) with a 90 percent sell-through rate. A significant shift towards a younger audience was noted, with Millennials making up over 70 percent of new bidders.
Basquiat’s Success and Strong Regional Performances
The night peaked with the highly coveted painting “Sabado por la Noche” by Basquiat, painted in 1984. Although it fell slightly short of surpassing its high estimate, it achieved a remarkable $14.5 million, selling to an Asian collector. The evening also included successful bids for works by other artists such as Firenze Lai and Ouyang Chun, keeping within their estimates, while notable successes from established Asian artists like Yayoi Kusama and Auguste Renoir reaffirmed the demand for significant regional art.
Unexpected Surprises and Notable Trends
Among the notable surprises was the sale of Thawan Duchanee’s work, “Mahānāradakassapa Jātaka,” which exceeded expectations significantly, highlighting the rising value of Thai art in the international market. Surrealist works, particularly those by René Magritte, held strong appeal, with several pieces commanding impressive sums. Indonesian artist Christine Ay Tjoe’s painting also noted upward momentum, contributing to a vibrant market in contemporary works.
Sotheby’s Evening Sale Features Emerging Artists
Sotheby’s auction opened with a remarkable record set by Li Hei Di, whose work “Drifted Petals on Her Lifted Mound” sold for HKD 1,397,000 ($179,668) amid competitive bidding. The evening also saw established Chinese artists performing well, with Zeng Fanzhi’s “Mask Series” and Zhang Xiaogang’s “Bloodline: The Big Family” selling above expectations. Southeast Asian artists, particularly women, demonstrated robust demand, with many pieces sold exceeding their initial estimates.
Phillips Focuses on Younger Collectors
On March 29, Phillips launched its “New Now: Modern & Contemporary Art and Design” auction, catering to a growing base of younger collectors. The sale featured contemporary works that resonated with the aesthetic preferences of a youthful audience, achieving several new auction records, particularly for emerging artists. Collectible design pieces also saw strong interest, highlighting a trend among buyers toward unique and culturally significant art. The hybrid approach successfully drew in a new demographic, underscoring the evolving landscape of art collecting.
