Christie’s Hong Kong recently released its spring auction data: the total transaction amount reached HKD 2.3 billion, with Averaging 90% Sold by Lot and by Value and 42% of Lots Broke High Estimates.
The key lots and their transaction prices for this season’s auction are as follows:
- Yongzheng Period Red Glaze Dragon Vase from the Wangxinglou Collection: HKD 78 million / USD 10 million
- Cartier India Tutti-Frutti Necklace: HKD 68 million / USD 8.7 million
- Andy Warhol’s “Flowers”: HKD 66.6 million / USD 8.5 million
- Patek Philippe Reference 2523J Watch: HKD 65 million / USD 8.4 million
- Zao Wou-Ki’s “10.01.68.“: HKD 63 million / USD 8.1 million
- Yayoi Kusama’s “Pumpkin”: HKD 49 million / USD 6.3 million
By region, the Greater China market was active, with the Asian market showing strength. The Chinese Mainland achieved the highest transaction amount, followed by Hong Kong and significant contributions from Taiwan. Southeast Asia also saw notable consumption growth.
Regarding buyer demographics, the influx of new and younger buyers reflects the region’s continued growth. Nearly a quarter of the buyers were new to Christie’s, and 43% of these new buyers were millennials.
Globally, buyers competed online and in auction rooms. Thirty percent of buyers purchased lots through digital channels, and the auction room transaction amount increased by 12% compared to the 2023 spring auction. Buyers from 48 countries and regions participated in the auction.
The preview and auction attracted over 27,000 visitors and over 13 million livestream viewers.
By auction category:
20th and 21st Century Art: Total transaction amount reached HKD 963 million / USD 124 million. The transaction rate was nearly 90% by lot and value.
- Masterpieces by Andy Warhol and René Magritte shone in the Asian auction market, with 100% of Marc Chagall and Impressionist works sold.
- Demand for Asian contemporary and modern art by artists such as Zao Wou-Ki, Chen Yifei, Sanyu, Yayoi Kusama, and Yoshitomo Nara remained strong.
- High-end market demand was robust: 22 works sold for over HKD 10 million.
- Korean artist Rhee Seundja’s works set 10 world auction records for East-West artists.
Luxury Goods: The total amount for the spring live auction exceeded HKD 795 million / USD 102.4 million. 94% of the lots were sold, with 124% of transaction prices exceeding the minimum estimate. New and young buyers, along with significant consumption from Southeast Asia, drove the auction results.
- Jewelry: Live auction transaction amount reached HKD 476 million / USD 61.2 million, with prices 127% above the minimum estimate. Top lots saw intense bidding.
- Watches: Total transaction amount was HKD 206 million / USD 26.6 million, with prices 128% above the minimum estimate.
- Handbags and Accessories: First half auction total reached HKD 72 million / USD 9.3 million, setting an all-time high in Asia.
- Wine: Reflecting Christie’s strength in single-owner collection sales, the “Epic Cellar” achieved a total of HKD 67 million / USD 8.6 million, with 96% of lots sold.
-Asian Art: Spring live auction transaction amount reached HKD 547 million / USD 70.4 million. 118% percent of lots sold at low estimates, and 46% at high estimates.
- The Yongzheng Period Red Glaze Dragon Vase from the Wangxinglou Collection sold for HKD 78 million / USD 10 million, 127% above the estimate.
- Chinese paintings achieved HKD 282 million / USD 36.3 million, with many private collections selling 100%.
- Millennials accounted for nearly a quarter of all buyers, with 21% being new buyers. Online spending increased by 46% compared to the 2023 spring auction.
Francis Belin, President of Christie’s Asia Pacific, said, “The spring auctions demonstrate the continued growth in demand for art and luxury goods across Asia, with the collector base in the region steadily expanding. … Our focus now is on relocating our Asia Pacific headquarters to The Henderson in Central Hong Kong this September. We look forward to unveiling it to collectors and the public, and to our three-month inaugural auction and event series starting September 26-27.”
| Source: Christie’s Official Website, Christie’s Press Release
| Image Source: Christie’s Official Website
| Editor: LeZhi
