Phillips Hong Kong closes its latest autumn session with total proceeds of HK$94.47 million (US$12.05 million), a figure that confirms Hong Kong as one of the most reliable barometers for reading the balance of the contemporary art market between the West and Asia. The results of the Phillips Hong Kong auctions come in a week packed with events, with Sotheby’s and Christie’s taking center stage in the preceding days, and fit into an evening-sale context in the region that reached a total of US$223.6 million across the three auction houses, up from US$164.9 million last spring.
Key points
- Phillips Hong Kong totaled HK$94.47 million (US$12.05 million), with an Evening Sale of HK$52.65 million and a Modern & Contemporary Art Sale of HK$41.82 million.
- Gerhard Richter’s Abstraktes Bild (522-1) exceeded HK$23 million, while Zao Wou-Ki’s Sans titre (La Théière) reached over HK$11 million.
- Zhang Peili’s video works attracted strong collector interest, signaling the growing historicization of Asian experimental art.
- Marc Chagall doubled the estimate with HK$3.6 million for Bouquet sur fond orange, while Pablo Picasso’s ceramics achieved a 100% sell-through rate.
- The evening session, consisting of 16 lots, closed with a 94% sell-through rate.
Total sales and the double auction session
The main figures tell the story of a solid evening, though not without caution on the part of buyers. The Evening Sale realized HK$52.65 million, while the Modern & Contemporary Art Sale closed at HK$41.82 million, bringing the total results of the Phillips Hong Kong auctions to almost HK$94.5 million. The evening session catalog, consisting of just 16 lots, generated over US$6.7 million with a 94% sell-through rate: three lots were withdrawn, but a painting by Chinese artist Wang Guangle, which went unsold under the hammer, was then placed for US$247,000 immediately after the conclusion of the auction.
Gerhard Richter and Zao Wou-Ki lead the top lots
The most sought-after lot of the evening bears the signature of Gerhard Richter: Abstraktes Bild (522-1), a work from his Wild Abstracts period, was sold for over HK$23 million (US$2.9 million). The price of Gerhard Richter’s works thus continues to confirm the strength of demand for the major protagonists of the postwar period, especially when the exhibition pedigree is solid. In the same vein is Zao Wou-Ki, whose Sans titre (La Théière) exceeded HK$11 million, a sign that the market still rewards lots capable of combining quality, rarity, and prestigious provenance.
Zhang Peili and the rise of contemporary Asian art
Alongside the historic names, however, the most interesting signal of the evening emerges: the growing centrality of Asian artists in the market narrative. Zhang Peili, a pioneer of Chinese video art, saw strong collector interest in Yellow, Blue and Red, linked to the Bodybuilding series presented at the 1993 Venice Biennale, and in Just for You, a ten-channel video installation created for the 1999 Biennale. Zhang Peili’s sales matter not only for their financial outcome: they testify to the progressive historicization of practices that only a few decades ago belonged to the realm of the most experimental research, a shift of direct interest to those investing in Asian art collecting with an eye to future revaluation potential.
Chagall, Picasso, and an increasingly diversified market demand
The positive reception given to Marc Chagall and Pablo Picasso should be read together with the interest in Eastern figures such as Yayoi Kusama, Ayako Rokkaku, Atsushi Kaga, and Izumi Kato. Chagall’s Bouquet sur fond orange reached HK$3.6 million, more than double the pre-sale estimate set by Phillips Hong Kong, while the group of Picasso ceramics closed with a 100% sell-through rate, far exceeding expectations. This coexistence between 20th-century masters and contemporary Asian artists makes the current moment in Hong Kong particularly significant: collecting no longer follows a single direction, but builds bridges between historical heritage and emerging scenes that have now gained international recognition.
Phillips Hong Kong between historical heritage and new geographies of collecting
This week’s event was also Phillips’ first evening sale in Hong Kong following the departure of former Asia chairman Jonathan Crockett and a broader exit of senior figures from the house globally. At the helm, as interim head, is Dina Zhang, Head of Modern & Contemporary Art for China, who sought to dispel rumors of a possible downsizing of the auction house’s regional presence, instead focusing on client loyalty and a more flexible consignment strategy, open to experimental works and market niches often overlooked by larger competitors. “I think we remain very competitive in certain categories and within specific price ranges,” Zhang said, adding that when Phillips competes for a major consignment against other houses, it always asks clients for transparent feedback, even in the event of a loss. In this scenario, Phillips Hong Kong confirms itself as a place of dialogue between historical heritage and new artistic practices, a privileged observatory on the redefinition of global taste where canonized names and emerging voices compete for the attention of a new generation of collectors.
FAQ
What were the total results of the Phillips Hong Kong auction?
Phillips Hong Kong totaled HK$94.47 million (US$12.05 million), with the Evening Sale at HK$52.65 million and the Modern & Contemporary Art Sale at HK$41.82 million.
Which artists achieved the highest prices at auction?
Gerhard Richter’s Abstraktes Bild was sold for over HK$23 million, while Zao Wou-Ki’s Sans titre exceeded HK$11 million, making them the two top lots of the evening.
What role did contemporary Asian artists play in this auction?
Artists such as Zhang Peili attracted strong collector interest, and Japanese artists also recorded notable demand, signaling a growing diversification of the market beyond Western masters alone.
What position does Phillips Hong Kong occupy in the global art market?
Phillips Hong Kong positions itself as a place of dialogue between historical heritage and new artistic practices, able to bring together on the same platform canonical Western figures and emerging contemporary Asian artists.
Content produced with the assistance of artificial intelligence and human editorial review.
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.
