The day after Christie’s inaugurated its new Hong Kong headquarters with a $134 million evening 20th/21st century art sale, reality bit for the house, as its first 21st Century day sale brought in just $16 million plus fees.
Christie’s, Sotheby’s, and Phillips have each made major investments in Hong Kong and elsewhere in the region in recent years. Sotheby’s will inaugurate its own new Hong Kong headquarters in November, and Phillips opened a new Asia headquarters in the city in 2023. It’s still too early to say whether those investments will help the houses defy the global art market’s ongoing stagnation. ArtTactic recently reported that sales of art at Hong Kong evening sales tanked 40 percent by value during the first six months of this year compared with 12 months earlier. That was their lowest level since 2017.
We should have more data soon however, as all three houses will be using their new digs to hold year-round auctions in the city, as opposed to previously holding all of their sales over the course of a jam-packed week or two.
(All prices below are with fees)
The inaugural 21st century art day sale on Friday had 44 lots, headlined by Japanese artist Yayoi Kusama’s Pumpkin and Bird (both acrylic on canvas). Kusama has enjoyed increased attention in the United Kingdom recently, with two new public sculptures in London and her 14th UK solo show at Victoria Miro gallery. However, Pumpkin sold for $1.8 million, just shy of its $2 million low estimate. Bird did a little better, selling for $1.7 million (high estimate: $2 million). Those results, and just two others, made the post-sale highlights. It was slim pickings.
Kusama’s compatriot, Yoshitomo Nara, deservedly made Friday’s highlights reel. His ABC (acrylic and graphite on canvas) sold for $2.1 million, exceeding the high estimate of $1.3 million. Nara’s Attack the Modern World (acrylic and colored pencil on paper) also sold well, edging past its high estimate of $320,000. His Long Long Way From Your Home (a hand-painted ceramic plate) was purchased for $810,000 (high estimate: $515,000).
A 20th century day sale preceded the evening sale on Thursday. Together, the three auctions totalled $162.2 million including fees, with 90 percent sold by lot.
As one might expect, Asian artists made up a large chunk of those featured in the 21st century day sale on Friday. Aside from Kusama and Nara, works by several other Japanese artists including Izumi Kato, Ayako Rokkaku, and Kohei Nawa were offered. Indonesia’s Handiwirman Saputra and Christine Ay Tjoe were included, so too Chinese artists Stephen Wong Chun Hei, Huang Yuxing, Cui Jie, and Ding Yi. Of the above, Ay Tjoe’s First Type of Stairs #02 was the standout performer, tripling its high estimate and selling for $770,000.
Representing the West, George Condo, Antony Gormley, and Lucy Bull were the most prominent names. Condo and Bull’s works (one a piece) sold just beyond their low estimate, while Gormley’s was pulled before the sale.
As for the wet artists, Britain’s Jadé Fadojutimi, who is barely 20 years old, saw her Gimmer of Our Twigs (oil, oil stick, and acrylic on canvas) skip past its high estimate of $515,000 to sell for $730,000. China’s Yuan Fang, born in 1996, also did relatively well; her Galloping Horse and Vines (acrylic on canvas) sold for $40,000 (high estimate: $32,000).
New York’s status as the auction capital of the world is safe for the time being, but it’s early days in Asia. Watch this space?
