Christie's Inaugural Hong Kong Auction

In a glamorous debut, Christie's kicked off its inaugural auction at the newly minted Asia Pacific headquarters in Hong Kong this Thursday. This much-anticipated 20th/21st century art evening sale generated a total of over HK$1 billion (approximately $134 million) with a hammer total of HK$883.1 million (around $113.4 million). Set within The Henderson, a stunning skyscraper designed by the illustrious Zaha Hadid, the event radiated a blend of curiosity and restraint as buyers thronged to witness the new venue.

Auction Atmosphere

Art adviser Mathieu Ticolat from Ticolat Tamura observed a nuanced atmosphere during the auction, noting that “mild enthusiasm” characterized the mood—but with caution evident among bidders. The artwork presented at auction reflected a modest shift in valuation for certain pieces, particularly in the behavior of Asian and Chinese collectors, who showed a more restrained bidding approach compared to previous years.

Economic Context

Despite the overall excitement surrounding the launch of Christie's new headquarters—taking up four of the 36 floors within The Henderson, prominently adorned in Christie’s signature red and white—the attendees displayed an air of hesitancy, mirroring broader economic uncertainties in both the global market and the Chinese economy.

Headlining Works

The evening's headliners included renowned pieces by Western masters Claude Monet and Vincent Van Gogh. Monet's enchanting *Nymphéas*, hitting the auction floor for the first time, brought in HK$200 million (US$25.7 million), while Van Gogh’s *Les canots amarrés* garnered HK$215 million (US$27.6 million). Although these sales marked new auction records for Christie’s concerning these artists in Asia, both fell short of their lower pre-sale estimates.

Asian Artists Shine

Intriguingly, the sale also showcased remarkable results from several Asian modern and contemporary artists. The Filipino artist Ronald Ventura surprised observers when his 2021 oil painting *State of Bloom* fetched a staggering HK$36.6 million (US$4.7 million), well above its pre-sale estimate of HK$1.8-2.8 million. This sparked excitement and indicated that while the general mood was cautious, certain pieces still captivated significant interest.

Record Sales

Notably, the evening featured outstanding records for various Asian artists. Kim Whan-ki's *9-XII-71 #216*, representing the Korean dansaekhwa movement, sold for HK$46 million (US$900,000), and Zao Wou-ki's *05.06.80 – Tryptique* reached HK$80 million (US$10.2 million), among other groundbreaking sales.

Market Resilience

Francis Belin, president of Christie’s Asia, affirmed that the evening auction demonstrated notable market resilience, with 93 percent of lots sold, and nine works achieving world auction records. In stark contrast to the evening auction, the earlier Au Bak Ling Collection sale saw Chinese imperial ceramics smashing record prices, highlighting the varied potential within the current art market landscape.

Collector Behavior

Though Asian collectors appear to be exercising greater caution in the modern and contemporary categories amid economic pressures, their willingness to splurge on exceptional ceramics indicates a nuanced and evolving market dynamic. As Christie's embarks on a new phase in Hong Kong, the art world watches closely to see how trends continue to shift and evolve in this vibrant region.

Join the Discussion

Join the discussion: How will Christie's new venue impact the future of art auctions in Asia?