Even during the peak years of Hong Kong’s art market, a 95-minute bidding war would have made headlines. That’s why the recent fierce competition over a 14th-century Chinese calligraphy scroll—amid an ongoing four-year market slump—was particularly striking. The piece in question, a six-metre-long cursive script calligraphy by Rao Jie, features two classical prose texts and dates back 700 years. It went under the hammer during Sotheby’s Fine Classical Chinese Paintings auction on April 10, 2025, drawing over 200 bids.
The scroll, previously part of the Qing imperial collection, was estimated at between HK$10 million and HK$20 million. After an intense back-and-forth, it sold for a staggering HK$213.5 million (US$27.5 million). With fees included, the final cost to the anonymous telephone bidder totaled HK$250.1 million. Its rarity, quality, and imperial provenance—all compounded by its first-time appearance at auction after residing in Japanese private collections for more than a century—made it a prized acquisition.
Despite this headline-grabbing sale, experts caution against interpreting it as a sign of broad market recovery. Hong Kong’s auction houses have seen significant declines since the 2021 peak. Global art market shrinkage since 2022 has hit the city’s modern and contemporary sectors harder than those in New York or London, largely due to China’s economic slowdown.
Collectors remain selective, says Chinese art expert Benjamin W. Yim. He views the Rao scroll sale as an exception, not a trend. Items with strong provenance and fresh-to-market appeal still perform well. One such example is a Qing dynasty vase with a robin’s egg glaze, previously owned by renowned Hong Kong paediatrician Hu Shih-chang. Last seen publicly in 1977, it fetched HK$8.9 million at Bonhams on May 5. Similarly, two blue-and-white porcelain vases from a North American collection sold at Christie’s for over HK$70 million each.
While interest remains for exceptional works, many items, particularly those popular around 2010, now require more realistic estimates to attract buyers. Still, industry insiders like dealer Andy Hei believe Hong Kong has room to rebound, especially as the EU’s new antique import regulations may drive international dealers to more accessible markets. As a free-trade hub, Hong Kong could capitalize on its flexibility and strengthen its position as a center for Asian art.
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