Christie’s Inaugural Art Auction in Hong Kong: Mixed Success Amid Economic Uncertainty

Christie’s held its first evening auction at its new Asia headquarters in Hong Kong on September 26, unveiling an impressive collection of 20th and 21st century art. The sale took place at The Henderson, a striking Zaha Hadid-designed tower in Central, marking a significant expansion for the auction house, which will now host year-round events in its own space instead of just biannual sales at the Hong Kong Convention and Exhibition Centre.

The highly anticipated event drew a sizable crowd, but the atmosphere was subdued, reflecting ongoing economic uncertainties that have affected the art market globally. The auction, led by Adrien Meyer and Georgina Hilton, featured a mix of Western masterpieces and significant works from Asian artists. However, overall bidding was restrained, particularly for high-value lots, indicating cautious sentiment among buyers.

The highlight of the evening was Vincent van Gogh’s Les canots amarrés (1887), owned by Princess Camilla of Bourbon Two Sicilies. Despite being heavily promoted as a rare Van Gogh piece to be auctioned in Asia, it sold for HK$250.6 million (approximately US$27.6 million) including fees—below its presale estimate of HK$230 million to HK$380 million. According to art advisor Alexandre Errera, this was still a strong result considering it is one of Van Gogh’s earlier works, which tend to be less sought after compared to his later pieces.

Claude Monet’s Nymphéas (1897-1899) also garnered significant attention, though it sold at the lower end of its estimated range for HK$200 million. The sale of Zao Wou-Ki’s 05.06.80 – Triptyque (1980) reached HK$80 million, aligning with expectations.

While blue-chip works saw limited enthusiasm, there were standout moments for contemporary artists. Ronald Ventura’s State of Bloom sold for HK$36.7 million, significantly exceeding its top estimate, and Lucy Bull’s 18:50 set a new world record for the artist, fetching HK$18.5 million. Banksy’s Girl and Balloon also made an appearance, selling for HK$8.6 million.

Francis Belin, Christie’s Asia-Pacific president, noted that 93 percent of the 46 lots were sold, a positive outcome given the challenging economic environment. The auction concluded with an impressive “white glove sale” of the Au Bak Ling Collection of Chinese ceramics, where all items were sold, including a Yongle Period vase that fetched HK$22.5 million.

The results of this inaugural sale suggest a cautious but enduring interest in the art market. As Christie’s looks to establish itself as a year-round auction presence in Hong Kong, the focus will be on navigating the current economic climate while continuing to engage collectors and art enthusiasts across Asia. The auctions will continue on September 27 with day sales of 20th and 21st century art.

READ MORE:

• Van Gogh’s Masterpieces Reunited: “Sunflowers” Triptych Showcased in London Exhibition
• Hong Kong Art Auctions: A Mixed Market Amid Expansion
• Christie’s Opens New Asia Headquarters at The Henderson in Hong Kong