The Auction Heart of Asia
Hong Kong has established itself as a prominent hub for the art world, attracting collectors, enthusiasts, and investors from all over the globe. The city's art auction season is a highly anticipated event that sees several notable auction houses presenting a wide array of exceptional artworks. With iconic masterpieces and record-breaking sales, Hong Kong continues to prove its significance in the international art market.
Every year during the art auction season, Sotheby's hosts a series of sales featuring an eclectic mix of artwork, including Chinese contemporary art, Impressionist masterpieces, and rare collectibles. Notable art pieces that have captured attention and achieved record-breaking sales at Sotheby's include Zao Wou-Ki's "Juin-Octobre 1985," which sold for HKD 510 million (USD 65.2 million) in 2018, making it the most expensive artwork ever sold in Asia at that time.
Christie's has also had a strong presence in the city since 1986, Christie's has become synonymous with high-profile art auctions and exceptional art collections. Known for its focus on Asian art, Christie's showcases a diverse range of artworks, including contemporary Chinese art, classical Chinese works, and Southeast Asian art. In recent years, Christie's has witnessed impressive sales, such as Zhang Daqian's "Peach Blossom Spring," which fetched HKD 270 million (USD 34.7 million) in 2016, setting a record for a Chinese painting sold during the spring auction season in Hong Kong.
Phillips, another prominent auction house with a global presence, has also made its mark in the Hong Kong art auction scene. Founded in 1796, Phillips has emerged as a leader in the contemporary art market, featuring works by both established and emerging artists. The auction house's presence in Hong Kong highlights the growing importance of Asian contemporary art worldwide. Noteworthy examples of auction results achieved by Phillips in Hong Kong include Yoshitomo Nara's "Knife Behind Back," which sold for HKD 195 million (USD 24.9 million) in 2019, setting a new auction record for an Asian artist.
Over the years, Hong Kong has witnessed a remarkable array of art pieces that have captivated collectors and set new records. One such piece is Wu Guanzhong's "The Zhou Village," which sold for HKD 202 million (USD 25.9 million) at Poly Auction in 2016, making it the most expensive Chinese oil painting ever sold. This masterpiece represents an important development in the evolution of Chinese art and exemplifies the continued demand for influential works in the Asian art market.
In addition, Hong Kong has witnessed significant sales of Western art. For instance, Jean-Michel Basquiat's "Untitled" was sold by Phillips in 2018 for HKD 371 million (USD 45.3 million), becoming the most valuable Western artwork ever sold in Asia at that time. This sale underscored the growing interest and appreciation for Western art in the region.
It is crucial to acknowledge that the Hong Kong art auction season is not solely limited to these three major auction houses. Other notable auction houses such as Bonhams, China Guardian, and Ravenel also contribute to the thriving art community in the city. Each auction house brings its unique expertise, showcasing a rich diversity of artworks, and attracting a broad spectrum of collectors and art enthusiasts.
The art auction season in Hong Kong serves as a platform for promoting cultural exchange, celebrating artistic achievements, and driving the art market forward. Through their meticulous curation and expertly facilitated auctions, auction houses in Hong Kong have elevated the city's status as a global center for art, establishing a vibrant and lucrative art market that continues to thrive. With its ongoing dedication to presenting exceptional art pieces, Hong Kong's auction season will undoubtedly keep art enthusiasts on the edge of their seats, eagerly anticipating the next groundbreaking sale.