{"id":2943,"date":"2025-04-01T23:31:41","date_gmt":"2025-04-01T23:31:41","guid":{"rendered":"https:\/\/nationalgunowner.org\/index.php\/2025\/04\/01\/the-hk-auctions-confirm-a-taste-shift-and-the-rise-of-south-east-asia\/"},"modified":"2025-04-01T23:31:42","modified_gmt":"2025-04-01T23:31:42","slug":"the-hk-auctions-confirm-a-taste-shift-and-the-rise-of-south-east-asia","status":"publish","type":"post","link":"https:\/\/nationalgunowner.org\/index.php\/2025\/04\/01\/the-hk-auctions-confirm-a-taste-shift-and-the-rise-of-south-east-asia\/","title":{"rendered":"The HK Auctions Confirm a Taste-shift and The Rise of South East Asia"},"content":{"rendered":"
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Christie\u2019s Evening Sale was led by a $14.5 million Jean-Michel Basquiat. Christie’s<\/span><\/figcaption><\/figure>\n

Closing with a combined $154,418,490 across the three auction houses, last week\u2019s Hong Kong marquee auctions confirmed an Asian market now far more cautious and selective than in previous cycles\u2014a shift in pace and taste made all the more apparent by the galleries\u2019 turnout at the fairs held that same week. The results landed within estimates, with few fireworks from the rostrum. Notably, both Christie\u2019s and Sotheby\u2019s reported strong bidder activity from Southeast Asia, underlining the region\u2019s rapidly growing economy and evolving art market. Millennials, too, were particularly active, signaling a promising generational shift among contemporary art collectors.<\/p>\n

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For the first time, all three auction houses strategically aligned their main auctions in the Asia-Pacific hub to coincide with Art Basel Hong Kong<\/a>, creating a spring auction calendar that reflects the growing centrality of the region. The 2024 season has already seen major investments take root, including the unveiling of new luxury headquarters<\/a> by Sotheby\u2019s, Christie\u2019s and Bonhams.<\/p>\n

At Christie\u2019s, cautious but confident bidders gravitated toward the region\u2019s blue-chip names<\/h3>\n

Christie\u2019s led the auction round with its second evening sale of 20th- and 21st-century art<\/a>, held for the first time in its new headquarters inside the Zaha Hadid-designed futuristic tower<\/a>, The Henderson, in Central\u2014purposefully timed to align with Hong Kong\u2019s art week. The sale closed at HKD 841,653,720 ($108,689,815), offering forty-one lots that spanned time and region, with a robust 90 percent sell-through rate. Christie\u2019s also reported strong participation from a younger demographic, noting that Millennials accounted for over 70 percent of new bidders at the auction.<\/p>\n

The night was led by the highly anticipated Sabado por la Noche<\/i> (Saturday Night<\/i>), a 1984 painting by Jean-Michel Basquiat<\/a> created at the height of his meteoric rise. The work achieved $14.5 million\u2014surpassing its low estimate though falling just short of a $16.1 million high estimate\u2014ultimately selling to an Asian collector bidding by phone. Having passed through multiple hands and exhibited by renowned galleries such as Galerie Yvon Lambert<\/a> and Galerie Daniel Templon<\/a> in Paris, the painting last appeared at auction at Christie\u2019s in 2019, where it sold for $10.66 million. This latest result reflects a 5 percent annualized return since that sale.<\/p>\n

Meeting expectations was a work by the sought-after Hong Kong painter Firenze Lai<\/a>, which opened the evening with a result of HKD 1,638,000 (approximately $210,500). It was followed by a Ouyang Chun<\/a> painting (HKD 2,016,000 \/ $259,173), an unusually self-referential work by Fernando Botero<\/a> (HKD 3,402,000 \/ $437,350) and a canvas by Japanese artist Izumi Kato<\/a> (HKD 746,000 \/ $95,904)\u2014all of which landed solidly within their respective estimates. Reinforcing confidence in top-tier Asian blue-chip artists, Yayoi Kusama<\/a>\u2019s iconic pumpkin painting achieved HKD 39,095,000, while a classic Auguste Renoir<\/a> landscape also outperformed estimates, selling for HKD 34,860,000. These results suggest enduring regional demand for Impressionist works, despite softer performance in other auction capitals such as London and New York.<\/p>\n

One of the night\u2019s standout surprises came from celebrated Thai contemporary artist Thawan Duchanee<\/a> (1939-2014). His spiritual painting Mah\u0101n\u0101radakassapa J\u0101taka<\/i>, steeped in Thai and Buddhist philosophy, sold well above expectations for HKD 3,780,000 ($485,956), confirming the rising market value for his work, which now regularly commands six-figure prices at international auctions.<\/p>\n

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SEE ALSO: Can Hong Kong Maintain Its Status as the Asia-Pacific Region\u2019s Leading Art Hub?<\/em><\/a><\/strong><\/p>\n<\/blockquote>\n

Surrealism continued to hold sway with collectors, particularly in the case of Ren\u00e9 Magritte. His Reverie de Monsieur James<\/i> (1943)\u2014a tender image of hands clutching roses in bloom\u2014sold for $6.1 million, right between its $5.4 million to $7 million estimate. Earlier in the sale, Magritte\u2019s La Clairvoyance<\/i> achieved HKD 28,810,000 ($3,703,750) against an estimate of HKD 15-25 million. The painting had previously sold at Christie\u2019s London in 2015 for \u00a3992,500, marking a significant appreciation. That upward trend culminated last November, when L\u2019Empire des Lumi\u00e8res<\/i> set a new record at Christie\u2019s<\/a> New York, selling for $121.2 million\u2014a 53 percent leap over his prior auction record, set in March 2022 when another version of L\u2019Empire des Lumi\u00e8res<\/i> (1961) fetched $78.95 million at Sotheby\u2019s London.<\/p>\n

On the more contemporary end, Indonesian abstract artist Christine Ay Tjoe<\/a> continued to demonstrate strong momentum among regional collectors. Her 2014 painting Layers as a Hiding Place #2<\/i> exceeded its already ambitious low estimate and sold for HKD 13,685,000 ($1,759,343). The result follows a headline-grabbing sale at Sotheby\u2019s Singapore this January, where Lights for the Layer<\/i> (2011) fetched $2.15 million (SGD 2.94 million), tripling its low estimate and setting a new personal auction record. That result marked a 24 percent jump over her previous record of $1.73 million, set just months earlier in May 2024 at Christie\u2019s Hong Kong.<\/p>\n

Strong results were also recorded for celebrated South Korean contemporary masters, including Lee Bae<\/a>, Lee Ufan<\/a> and Park Seo-Bo<\/a>. The latter\u2019s \u00c9criture No. 60-73<\/i> surpassed its low estimate, selling for HKD 7,308,000 ($939,516) despite being backed by a third-party guarantee\u2014a sign of continued upward momentum in Park\u2019s market following his recent passing.<\/p>\n

Several international artists whose profiles have risen across both the market and institutions in recent years also delivered solid results, affirming their growing collector bases in the region. Hernan Bas<\/a>\u2019s Colored Plastic Complex of Noise + Dance + Joy<\/i> sold within expectations for HKD 3,402,000 ($437,361), while a haunting, vaporous canvas by Miriam Cahn<\/a> was placed for HKD 1,512,000 ($194,382), well above her primary market prices from just five years ago. Cahn\u2019s current auction record\u2014\u00a3584,200 (approximately $703,070)\u2014was set at Sotheby\u2019s London in March 2023. Still, the overall selection skewed regional, with Christie\u2019s clearly leaning into names already resonating with Asian collectors, particularly in the contemporary and ultra-contemporary segments.<\/p>\n

Younger buyers and the rise of South East Asia at Sotheby\u2019s<\/h3>\n

Sotheby\u2019s Modern & Contemporary Evening Auction<\/a> launched the night with notable momentum, as rising star Li Hei Di<\/a> set a new auction record with Drifted Petals on Her Lifted Mound<\/i>, which achieved HKD 1,397,000 ($179,668) after a competitive 20-bid exchange. The result followed her September announcement as the latest addition to mega-gallery Pace\u2019s roster\u2014a significant milestone for the London-based RCA graduate. That gallery representation was quickly followed by two back-to-back auction records in November 2024: first at Phillips<\/a>\u2019 Modern & Contemporary Art Evening Sale in New York, where Unfolding a Flood<\/i> (2022) fetched $127,000, then at Phillips Hong Kong, where Orange Swim<\/i> (2021) reached $155,035.<\/p>\n

The evening\u2019s other artist record came courtesy of Ji Xin<\/a>, a fast-rising young Chinese painter now represented by Almine Rech. Her work Dawn<\/i> drew spirited bidding that propelled the final hammer price to HKD 2,540,000 ($326,669), well beyond its HKD 800,000\u20131.5 million estimate and nearly doubling her previous auction record, set in November 2023 when White Cat<\/i> (2021) sold for HKD 2,016,000 ($258,693) at Christie\u2019s Hong Kong.<\/p>\n

\"An\"An
Sotheby\u2019s Evening Sale in Hong Kong was led by Li Hei Di\u2019s record-setting result of HKD 1,397,000 ($179,668). Sotheby’s<\/span><\/figcaption><\/figure>\n

Works by established Chinese contemporary artists also performed well, often landing within or above expectations. Among them, Zeng Fanzhi<\/a>\u2019s Mask Series 1995 No.12<\/i>\u2014a fresh-to-market canvas by a key voice of China\u2019s \u201cPost-1989 Generation\u201d\u2014sold for HKD 10,867,000 ($1,397,605), squarely within the HKD 8-15 million range. Zhang Xiaogang<\/a>\u2019s iconic Bloodline: The Big Family<\/i> came in above estimate, realizing HKD 5,588,000 ($718,673), while Ding Yi<\/a>\u2019s Appearance of Crosses 93-3<\/i>, composed of his signature grid motifs, reached HKD 1,905,000 ($245,002), bolstered by renewed interest following his 2023 solo exhibition at Ch\u00e2teau La Coste<\/a>.<\/p>\n

Southeast Asian artists\u2014particularly women\u2014saw strong demand throughout the sale, with a 100 percent sell-through rate and many results exceeding initial expectations. Among them, Indonesian artist Christine Ay Tjoe saw a 12-bid contest for her work Freezing 01<\/i>, which ultimately doubled its estimate to achieve HKD 4,500,000 ($310,336). Vietnamese-French painter Mai Trung Thu<\/a> also saw exceptional results: her Joie de vivre I<\/i> sold for HKD 6,985,000 ($898,341), nearly doubling its low estimate, and Instant musical<\/i> soared past its high estimate to reach HKD 10,135,000 ($1,303,462). Trung Thu\u2019s blend of Vietnamese heritage and European classicism continues to gain global traction\u2014her current auction record stands at $3,136,419, set in 2021 at Sotheby\u2019s Hong Kong with Portrait de Mademoiselle Phuong<\/i>.<\/p>\n

Elsewhere, Indonesian expressionist Affandi<\/a>\u2019s Skiing<\/i> surpassed its HKD 1.5-2.5 million estimate to close at HKD 3,429,000 ($440,832), while two works by Srihadi Soedarsono<\/a>\u2014Golden Harvest<\/i> and Melasti Procession<\/i>\u2014sold over their low estimates, with the former reaching HKD 1,016,000 ($261,336). Both artists maintain strong regional demand, even as their markets remain largely concentrated in Southeast Asia.<\/p>\n

But the top lots of the evening were all by Western artists. A Picasso painting formerly held in the MoMA collection sold for HKD 18,675,000 (US$2,401,792), while Pierre-Auguste Renoir\u2019s Baigneuse accoud\u00e9e<\/i> achieved HKD 23,555,000 ($3,029,409). New auction records in the region were also set for Henry Moore<\/a>, whose Working Model for Reclining Figure<\/i> reached HKD 20,505,000 ($2,637,148), and Marc Chagall<\/a>, whose Fleurs de printemps (La Cruche aux fleurs de printemps)<\/i> exceeded its high estimate and sold for HKD 34,535,000 ($4,441,546).<\/p>\n

Notably, these results unfolded amid a broader institutional focus on Western modernism in Hong Kong this season, including a major Picasso exhibition at M<\/a>+ and the C\u00e9zanne and Renoir show at the Hong Kong Museum of Art. The results further underscore a growing appetite for museum-caliber works by established artists\u2014collectors in the region are increasingly prioritizing cultural significance, institutional validation and long-term value over speculative hype. That shift in sensibility echoed the recalibrated pace and preferences observed at this year\u2019s edition of Art Basel Hong Kong.<\/p>\n

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SEE ALSO: Hong Kong Art Week 2025: Supper Club, Current Plans and the Art Beyond Basel<\/a><\/em><\/strong><\/p>\n<\/blockquote>\n

The evening also saw a new record in Asia for German artist G\u00fcnther F\u00f6rg, whose work sold for HKD 8,890,000 ($1,143,343), and a notable rebound for Nicolas Party<\/a>, with Grotto<\/i> surpassing its high estimate to fetch HKD 15,015,000 ($1,931,079). The result marked a return to form for the artist, whose market has struggled to hit seven figures recently, particularly in London and New York. Demand remained strong for Les Lalanne and ultracontemporary figures like Louise Bonnet<\/a> and Henry Taylor<\/a>, while internationally renowned artists popular with Chinese and Asian collectors\u2014such as Antony Gormley<\/a>\u2014also saw healthy interest.<\/p>\n

Sotheby\u2019s closed the evening with a total of HKD 297,519,500 ($38,150,000) and a robust 95 percent sell-through rate. The auction was defined by dynamic, layered bidding across price tiers and geographies. According to Sotheby\u2019s, Chinese collectors acquired all five top lots, though participation from Southeast Asian buyers increased notably\u2014further proof of the region\u2019s rapidly evolving and increasingly sophisticated art market.<\/p>\n

A blend of \u201cNew Now\u201d art and design at Phillips targets younger collectors<\/h3>\n

On March 29, Phillips\u2019 New Now: Modern & Contemporary Art and Design<\/a> auction was geared toward a fast-growing base of younger collectors, spotlighting artists whose work taps into youth-driven aesthetics alongside status-symbol pieces of collectible design. That strategy appeared to resonate: artists favored by a younger demographic mostly sold within or above estimates. Among the top 10 lots was Ayako Rokkaku<\/a>\u2019s Untitled<\/i> (2023), which soared past its HKD 2.4-3 million estimate to fetch HKD 4,127,500. Issy Wood<\/a>\u2019s Professional Help on Rye<\/i> (2020) landed squarely at the mid-estimate at HKD 952,500 ($122,286), while George Condo<\/a>\u2019s Untitled<\/i> (1982) exceeded its high estimate, closing at HKD 825,500 ($106,420). Reflecting the artist\u2019s momentum across Hong Kong sales, Li Hei Di also performed strongly at Phillips\u2014her Concubine Fell In Deep Sea<\/i> (2021) nearly doubled its estimate, selling for HKD 952,500 ($122,286) against a projected range of HKD 300,000-500,000. Meanwhile, Jason Boyd Kinsella<\/a>\u2019s Husayn<\/i> (2020) also doubled expectations, bringing in HKD 635,000 ($81,635).<\/p>\n

\"Image\"Image
Auctioneer Danielle So offering the top lot of Phillips\u2019 New Now sale on March 29; Ayako Rokkaku\u2019s Untitled<\/em>, 2023, sold for HKD 4,127,500. Phillips<\/span><\/figcaption><\/figure>\n

The sale set several new auction records for emerging artists. American figurative painter Jansson Stegner<\/a>\u2019s Cedar Lake<\/i> (2020) opened the auction and achieved HKD 762,000 ($97,741), surpassing his previous record of $13,970 set in 2023, also at Phillips. A new high watermark was also established for young Australian artist Holly Greenwood<\/a>, whose auction debut After the Game<\/i> (2024) sold for HKD 27,940 ($3,592). Other artists popular among regional collectors\u2014such as Sylvia Ong<\/a>, Daniel Crews-Chubb<\/a>, Yuan Fang<\/a> and Christine Ay Tjoe\u2014landed near or within their estimates. However, works by previously in-demand names, including Eddie Martinez<\/a>, Melike Kara<\/a>, Michael Kagan<\/a>, Andrea Marie Breiling<\/a> and Edgar Plans<\/a>, failed to find buyers.<\/p>\n

On the design side, discerning collectors turned out for key lots, most notably Charlotte Perriand<\/a>\u2019s iconic Mexique<\/i> bookcase from the Maison du Mexique at Cit\u00e9 Internationale Universitaire, Paris (1952), which fetched HKD 2,222,500 ($285,216)\u2014nearly twice its high estimate. KAWS<\/a> and Estudio Campana\u2019s plush pink chair also sold for HKD 431,800.<\/p>\n

The sale concluded with a total of HKD 22,305,518 ($2,868,490) and a modest 72 percent sell-through rate, with 81 percent of sold lots falling within estimate. The day prior, Phillips held its Editions<\/a> auction, also targeted toward new and younger collectors. That sale, led by Banksy<\/a>\u2019s Barely Legal (LA Edition)<\/i> (2007), which achieved HKD 825,500, totaled HKD 8,252,016 ($1,061,209) across 101 lots, with a 77 percent sell-through rate. Notably, over 30 percent of buyers were new to Phillips, indicating a growing appetite for editions, photographs and multiples as accessible entry points into the market\u2014and into art patronage more broadly<\/a>.<\/span><\/p>\n

\t\t\t\t\"Hong<\/p><\/div>\n