Amid the simmering political unrest and global economic uncertainty, the speculations about this season’s Hong Kong art auctions weren’t all positive: Would there be logistical challenges? Would collector attendance be affected? Would the exhibitions and sales go on as planned?

Below are some key numbers and facts about this season’s art auctions in Hong Kong.

General Performance

Unexpectedly, Christie’s Hong Kong autumn auction achieved a total of HK$2627 million (US$335.6 million), a 20% increase compared to last autumn. According to Francis Belin, the President of Christie’s Asia Pacific, “Despite certain ongoing geopolitical challenges, we witnessed a confident market.”

▲The scene at Christie’s 20th Century & Contemporary Art (Evening Sale) in Hong Kong on November 23

However, sales at Sotheby’s, Poly, and Guardian degraded amid the economic slowdown, marking a quarter-by-quarter trend of decline over the last two years.

The total sales value of the 2019 autumn auction at the Hong Kong bases of the top 4 auction houses was HK$7329 million (US$936 million), a drop of 7.54% compared to last autumn and a decline of 4.08% compared to this year’s spring auctions.

Regarding the high-end sales, 112 lots sold (including jewelry) for over HK$10 million (US$1.28 million); 16 sold for over HK$50 million (US$6.39 million); 7 sold for over HK$100 million (US$12.77 million), and 2 lots sold for over HK$200 million (US$25.55 million).

The market suffered from an absence of the middle price bracket. It is a sign that the top Asian collectors are increasingly critical when purchasing artworks.

Sector Analysis

The Modern and Contemporary Art sector showed strong, high-performing sales, despite antiques and Chinese painting and calligraphy lacked dynamism.

We saw eighteen artists in the Modern and Contemporary Art sector break personal records this season. It could be argued that a rising group of young buyers were the main reason for the market prosperity.

Sotheby’s Hong Kong remained top among the four auction houses, with a total sales value of HK$1521 million (US$194.29 million) at its Modern and Contemporary Art sales. Its Contemporary Art sales alone reached HK$824 million (US$105 million), and marked the highest-ever total for any Contemporary Art sales by Sotheby’s in Asia.

In terms of this season, the Modern and Contemporary Art sector played a vital role in Sotheby’s total sales, as a manifestation of three lots in this sector sold for over HK$100 million (US$12.77 million), while two lots sold for over HK$50 million (US$6.39 million). In addition to this, we saw six lots in this sector sold on the list of Sotheby’s top 10 most expensive auction items for the season.

▲Sean Scully, Landline Fire. Courtesy of Sotheby’s.

The Modern and Contemporary Art sector also contributed greatly to Christie’s total sales. This November, Christie’s Asian Modern and Contemporary Evening Sale brought in HK$1060 million (US$135.40 million), making this sector the best seller ever across the Hong Kong region. Not only that, seven artist records were set during this sale, including for Sanyu, Kim Whan-Ki, and another five.

▲Eric Chang, deputy chairman of the Asian 20th Century & Contemporary Art at Christie’s in Hong Kong. Courtesy of Christie’s.

Similarly, Phillips’ 20th Century and Contemporary Art Evening Sale in Hong Kong totaled HK$271 million (US$34.61 million), a 100% increase over last year’s sale, and achieved the highest totaling series of contemporary art sales ever staged in Asia.

The Guardian Hong Kong 20th Century and Contemporary Art Sale resulted in HK$161 million (US$20.56 million), a 20% increase over the autumn 2018 sale. Poly achieved a remarkable result of HK$180 million (US$22.99 million) at its Modern and Contemporary Art Sale.

▲The scene at Poly 20th Century & Contemporary Art in Hong Kong on October 6. Courtesy of Poly.

However, the results for Chinese painting and calligraphy weren’t all satisfying, due to the absence of big-ticket lots. The most notable item among this sector was Wu Guanzhong’s Sunrise in Lofty Mountains, which sold for HK$49 million (US$6.2 million). A Falangcai pouch-shaped Qianlong glass vase fetched HK$207 million (US$26.4 million), making it the best seller among all antiques.

Despite a shortage in the high-price bracket in the Chinese Paintings sector, we have witnessed quite a few new stars, including Huang Daozhou, Fei Danxu, and Ren Xiong, whose works fetched prices that broke earlier records and set new benchmark highs for all three artists. This could be a sign of a new market opening.

New Trends

It is worth mentioning that auction houses are still working with “pop art” as their highest priority in an attempt to engage and attract millennial collectors, and are offering a supply of artworks by Japanese artists and young Western artists.

Christie’s Hong Kong presented HI-LITE, a new themed sale focused on the contemporary neo-pop aesthetic and its roots in commercial art, cartoons, and street culture. The sale highlighted artists that share elements of a similar visual style: bold flattened forms, bright colors, and images appropriated from popular media. The sale focused on artists with popular global appeal, influenced by trends including Japanese manga, street art, commercial design, and fashion.

Highlights included Takashi Murakami’s The Simple Things, which fetched HK$21.73 million (US$2.77 million); Takashi Murakami’s Wow, Kaikai Kiki, which sold for HK$19.33 million (US$2.47 million); and Yoshitomo Nara’s Angry Blue Boy, which sold for HK$18.12 million (US$2.31 million). The latter two both went for a little more than their low estimates.

▲Takashi Murakami, The Simple Things. Courtesy of Christie’s.

In addition, Philips Hong Kong was particularly concerned with bienniale artists and sourcing great works by new graduates this season.

This is another sign that Sotheby’s Hong Kong was attempting to explore design and the Japanese anime market. Its Design Work sector turnover ratio reached 91%. Highlights of the series included Yoshiyuki Takani’s Nausicaä of the Valley of the Wind, which sold for HK$1.06 million (US$180,000).

▲Genieve Figgis, Birth of Venus. Courtesy of Christie’s.

Star Lots

We have witnessed that the golden age of Zou Wou-ki may be coming to an end. Instead, the rising popularity of Sanyu could be an indication of a new art market boom.

In its first auction at the Sotheby’s Hong Kong autumn series, four bidders competed for Sanyu’s final masterpiece, Nu, up to a price of HK$198 million (US$25.2 million), shattering the previous auction record of HK$128 million (US$16.35 million). In his second auction, at Christie’s Hong Kong sales, Sanyu’s Five Nudes went for a whopping HK$303 million (US$38.72 million), setting a new auction record for the artist and making it the second-highest seller of Asian oil paintings after Zao Wou-Ki’s Juin-Octobre 1985.

“Sanyu was a radical artist who fused the traditions of East and West like no one else really before him”, said Eric Chang, deputy chairman of Asian 20th Century & Contemporary Art at Christie’s in Hong Kong.

Alongside still lifes, female nudes were the subject Sanyu returned to most often throughout his career. Five Nudes was first sold in Taipei in 1993 by Sotheby’s, and then the painting reappeared on the market in Hong Kong. Both sales broke Sanyu’s auction record whilst setting a new high for the world’s most expensive Chinese oil painting. Not only is the painting a demonstration of the full realization of Sanyu’s talents, but it is also the largest female nude painting the artist created, and has academic interest and artistic merit.

▲Sanyu, Five Nudes. Courtesy of Christie’s.

In addition to Sanyu’s artworks, highlights of this season’s auctions also included works by Japanese and Korean artists. During a dramatic 10 minutes of competition in the evening sale, six bidders vied for Yoshitomo Nara’s Knife Behind Back, driving the final price to HK$196 million (US$24.9 million). While Korean artist Kim Whan-Ki’s 05-IV-71 #200 (Universe) from 1971 soared above its high estimate to achieve HK$102 million (US$13.03 million), setting a new record for the most expensive Korean work of art ever sold at auction and shattering the artist’s own auction record.

▲Kim Whan-Ki, 05-IV-71 #200 (Universe). Courtesy of Christie’s.

Chinese artist Liu Ye’s paintings led the auction of the Chinese contemporary art series. His Smoke climbed to a record-setting HK$52 million (US$6.7 million) after a prolonged, five-way bidding battle, setting a new record at auction for him. During the whole season, eight artworks by Liu Ye sold for over HK$10 million (US$1.28 million), which brought him quite a lot of attention from the solid collector base. No doubt the escalation in appreciation of Liu Ye’s work is partly a consequence of his representation by David Zwirner Gallery.

▲Liu Ye, Smoke. Courtesy of Sotheby’s.

In terms of new talent, Eddie Martinez’s High Flying Bird fetched HK$15.73 million (US$2.01 million). This price is nearly 13 times its lower estimate, and the painting is the largest canvas by the artist ever to appear at auction. Similarly, his success as an artist is arguably due to an increased number of solo exhibitions presented by Perrotin Hong Kong and Yuz Museum Shanghai.

▲Eddie Martinez, High Flying Bird. Courtesy of Christie’s.

Translation: Kirsten Wang