Christie's and Sotheby's Hong Kong auctions underwhelm as sales slump to 6-year low
The combined takings from two closely watched auctions in Hong Kong over the weekend fell to the lowest level in more than six years, underscoring the challenges facing the city's art market despite signs of a moderate recovery in demand for high-end pieces at Art Basel.
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Christie's and Sotheby's flagship spring modern and contemporary art sales were held at their new Asia headquarters, coinciding with the region's largest art exhibition for the first time.
Sotheby's sold 40 out of the 42 lots, a sell-through rate of 97 per cent, totalling HK$236.9 million (US$30.5 million) exclusive of buyers' premium on Saturday.
Rival Christie's on Friday found buyers for 39 out of the 43 lots, or 95 per cent, who paid a combined HK$457 million, which did not include buyers' premium.
Visitors admire the artwork titled Doku the Creator by Lu Yang at Art Basel on March 26. Photo: Eugene Lee
Their combined sales of HK$693.9 million was about 40 per cent less than their spring sales last year and their autumn 2024 haul, according to data from ArtTactic. It was also the first time since autumn 2018 that the two auction houses' spring sales came in under HK$1 billion, according to the London-based art market research firm.
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While the lower-than-expected sales indicate that the art market in Asia needs time to recover, the coinciding dates of the two sales and Art Basel brought in more visitors and generated excitement in the market, according to market observers.
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