The combined sales from two major Hong Kong auctions over the weekend reached their lowest level in more than six years, highlighting ongoing challenges in the city’s art market. Despite a moderate recovery in demand for high-end pieces at Art Basel, overall sales at Christie’s and Sotheby’s flagship spring modern and contemporary art auctions fell sharply compared to previous years. The events, held at their new Asia headquarters, coincided with the region’s largest art exhibition for the first time.
Sotheby’s auction achieved a 97% sell-through rate, with 40 out of 42 lots selling for a total of HK$236.9 million (US$30.5 million), excluding buyers’ premium. Christie’s reported a 95% sell-through rate, selling 39 out of 43 lots for HK$457 million. Their combined total of HK$693.9 million was approximately 40% lower than their spring sales last year and autumn 2024 results, according to ArtTactic. This marked the first time since 2018 that their spring auctions fell below HK$1 billion.
While the lower-than-expected results suggest the market in Asia is still recovering, the concurrent timing of the auctions and Art Basel drew a larger audience and generated excitement. More than 7,000 visitors attended Christie’s exhibition before the sale, reflecting continued interest despite cautious bidding. Most items sold at the lower end of presale estimates, with Christie’s total hammer price landing just 6% above the lowest estimates. Sotheby’s sales also leaned toward the lower end of expectations.
The top lot at Christie’s was Jean-Michel Basquiat’s Sabado por la Noche (1984), which sold to an Asian collector for HK$112 million, near its high estimate. Sotheby’s leading sale was Marc Chagall’s Fleurs de printemps (1930), which fetched HK$28 million, setting a regional record for the artist. Mainland Chinese bidders played a key role, securing three of the top five Sotheby’s lots, while Southeast Asian collectors also showed strong participation.
Interest in younger artists was notable, with Thai artist Gongkan’s Flyte selling for HK$500,000, surpassing its estimate, and Hong Kong-born Kasing Lung’s Excited Plastic selling for HK$620,000—more than double its presale estimate. The auctions featured works by internationally renowned artists such as Yayoi Kusama, Takashi Murakami, Renoir, Picasso, Zao Wou-Ki, and Zeng Fanzhi. The synergy between Art Basel and the auctions appeared to enhance overall market enthusiasm.
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