The auctions in Hong Kong showed a decline in sales, while still achieving significant records such as a record-breaking Picasso in Asia and significant sales of Yoshitomo Nara and Zao Wou-Ki.
What are the key figures of art auctions in Hong Kong?
What was the total sales in 2024 and which categories dominated?
Overall, the evening sessions of the three major houses closed with results lower than the previous year. Among them, Christie’s, Sotheby’s, and Phillips gathered international collectors at the end of September. The main data include individual totals after commissions: Christie’s HK declared HK$565.6M, Phillips HK$159.96M, and Sotheby’s HK$335.7M. However, overall Hong Kong art sales are down compared to the previous year.
How many lots were sold and how many auctions took place?
The evenings included dozens of lots. Christie’s offered 38 lots and sold 35 (sell-through 92%). Phillips presented 20 lots, with 7 withdrawals and a sell-through of 74% (but 100% after withdrawals). Sotheby’s cataloged 40 lots, selling 38 (sell-through 84%, 95% after withdrawals). Overall, there were over 320 lots transacted during the season.
Which artists led the prices and what records were set?
The stars of these sales were already well-known names. The top lot at Christie’s was Pablo Picasso with Buste de femme (1944), hammered at HK$167M (HK$196.8M including commissions).
Sotheby’s and Phillips saw the dominance of Yoshitomo Nara in their respective evening sales. Additionally, a sale of Zao Wou-Ki at Christie’s was recorded for about HK$85M including commissions.
What was the Asia record for Picasso in HK auctions?
What was the price of Picasso in Asia during these auctions?
Christie’s recorded a sensational result. Picasso’s portrait of Dora Maar hammered up to HK$167M and reached HK$196.8M with commissions. This was reported as an auction record in Asia for the artist in the region.
Consequently, the lot captured international attention and demonstrates how blue-chip pieces can still produce significant results, despite the generally weaker context.
What other pieces by Yoshitomo Nara and Zao Wou-Ki achieved significant prices?
Phillips led with Yoshitomo Nara: Pinky hammered at HK$46M (HK$56.66M with commissions).
Meanwhile, Sotheby’s achieved for Nara Can’t Wait ’til the Night Comes a hammer of HK$65.5M (HK$79.9M with commissions). Additionally, the sale of Zao Wou-Ki at Christie’s provides another example of appetite for established abstracts, with the lot reaching around HK$85M including commissions.
What is the composition of buyers in Hong Kong?
What is the share of buyers from China?
Sotheby’s reported that about 20% of buyers were new to the house, and that 7 of the top 10 lots went to buyers from Greater China. Overall, there is a significant presence of buyers from China, with a share that, according to reported data, exceeds 42%.
Are there differences between institutional and private buyers?
The auction houses recorded participation from both institutional and private buyers. Some large lots were secured through third-party guarantees in auctions, while others were supported by irrevocable bids or house guarantees.
The results show a mix of acquisition strategies among buyers, with a growing role of external guarantees to mitigate seller risk.
What tools and guarantees have influenced the auctions?
What is a third-party guarantee and when is it used?
A third-party guarantee is an agreement where an external party guarantees the payment of the lot to the auction house.
During this session, Christie’s declared 11 lots guaranteed by third parties; Phillips 6; Sotheby’s 13. This mechanism is often used to secure key sales and to support the perceived reserve price.
How do such guarantees impact price transparency?
Guarantees can increase the certainty of sale. However, they raise issues of transparency, because the public does not always know if a lot is guaranteed or by whom. Therefore, market observers call for greater clarity on the practices and effects of third-party guarantees on price dynamics.
What are the prospects for the auction market in Hong Kong?
What signals indicate future trends and risks?
The data suggest a transition season. On one hand, high-profile pieces have reached significant figures. On the other, aggregate totals have decreased compared to the previous year. Additionally, tools like priority bidding by Phillips, which received early bids on 54% of the lots, show how houses are seeking new levers to stimulate demand.
How does Hong Kong position itself in the global art auction context?
Hong Kong remains a hub for the Asia-Pacific market. The three major houses consolidate their presence here.
Therefore, the city maintains a central role for modern and contemporary art in the region. However, the recent downturn indicates that the consolidation phase may require adjustments in commercial strategies and guarantee policies.
Data not to be missed
- Reference year: 2024
- Declared: Total Hong Kong art sales: about HK$1.8 billion
- Declared: Number of lots transacted: over 320
- Main auction houses: Christie’s Hong Kong, Sotheby’s Hong Kong
- Picasso – Asia record: Buste de femme (1944) hammered at HK$167M (HK$196.8M with commissions)
- Yoshitomo Nara – top pieces: Phillips Pinky HK$46M (HK$56.66M incl. commissions); Sotheby’s Can’t Wait ’til the Night Comes HK$65.5M (HK$79.9M incl. commissions)
- Zao Wou-Ki: lot sold for about HK$85M incl. commissions
- Chinese buyers: declared: share over 42%
- Third-party guarantees: present in about 25% of auctions; (e.g., Christie’s 11; Phillips 6; Sotheby’s 13)
For further details, refer to the official press releases on the auction houses’ pages: Christie’s press releases and Sotheby’s press releases. Alternatively, read our analyses on econique.art.
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
