Overview of Art Basel Hong Kong 2023

As the curtain fell on Art Basel Hong Kong this past Friday, art professionals began to depart, leaving a narrative of this year’s art week in place. It was characterized by an electrifying atmosphere but met with the caution of collectors who were selective, opting only for the highest quality pieces. This resulted in blue-chip galleries successfully securing deals on their premier works during the VIP preview on Wednesday. Meanwhile, smaller galleries struggled to replicate that success over the following days.

Auction House Results

As the weekend progressed and the public days concluded, the anticipated pulse of the auction houses revealed a decidedly uneven picture. Christie's hosted its much-anticipated second 20th/21st century auction at their new, upscale location in the Henderson building. Despite the buzz surrounding the auction—its first timed to align with Art Basel Hong Kong—the outcomes fell short of high expectations. The auction netted $73.3 million across 43 lots, boasting a robust 95 percent sell-through rate, despite some withdrawals.

A highlight from Christie's auction was Jean-Michel Basquiat's vibrant 1984 piece “Sabado por la Noche,” which was acquired by an Asian collector for $14.5 million, closely hovering around its high estimate of $16.1 million (previously fetched $10 million in 2019). This piece currently ranks as the highest auction price general so far this year.

The results also included strong performances for works by renowned artists like Pierre-Auguste Renoir and René Magritte, which exceeded their projected estimates. However, the overall atmosphere felt predictable, with the auction wrapping up in just over an hour.

Over at Sotheby’s, the scenario mirrored that of Christie's. The auction house drew an impressive 35,000 visitors to its pre-sale exhibition, a significant leap over Christie's figures. Saturday’s auction yielded $38.3 million across 42 lots with a 95 percent sell-through rate, coming close to its high estimate of $46.2 million, despite several withdrawals.

A noteworthy achievement was a new auction record set for Marc Chagall in Asia, with his painting “Fleurs de printemps” selling for $4.44 million, up from its previous sale price of $2.54 million in 2018. Other successful pieces included works by Pablo Picasso and Renoir, both of which met or exceeded expectations.

Market Performance and Trends

Significantly, the collective evening sales brought in $89.2 million, a stark decline of nearly 40 percent when compared year-over-year with last spring and fall’s auctions. This marked the weakest performance since 2018, with sales dipping below HK$1 billion.

Despite a somewhat lackluster market, dealers observed a solid interest level from collectors during Art Basel's VIP day. Many reported active discussions and final sales by the end of the week. For instance, notable sales included Zeng Fanzhi's untitled piece for $1.5 million and several works by Lee Ufan that fetched impressive sums.

Reports highlighted continued enthusiasm from mainland Chinese collectors, who have been noticeably absent in prior years. Several dealers confirmed that major pieces sold were destined for Chinese museums and private foundations, signaling a potential rebound in this influential segment of the market.

Conclusion

Art Basel Hong Kong not only showcased high-profile sales but also indicated a shift in collector behavior, with a renewed presence of significant buyers from mainland China. The success of particular galleries and the performances seen over the weekend left a strong impression that, while the overall market may be soft, the desire for exquisite art remains vibrant.