Six-monthly auction sales in Hong Kong have had their worst results since 2018, with this season marking the third consecutive drop, according to ArtTactic. Its analysis finds that the October-to-December evening sales made a total of HK$1.7bn ($220mn, before fees), a fall of 34 per cent since the equivalent sales last year and more than 50 per cent down from their peak in spring 2021. (Sotheby’s has a sale outstanding on December 13, which could change the figures slightly.) Anders Petterson, managing director of ArtTactic, says there is a “supply issue”, noting the reduced number of works valued above HK$10mn ($1.3mn) this season. The economic impact of China’s zero-Covid policy to date is likely denting confidence on the demand side, he adds.
Several works were withdrawn prior to sales, including — at Christie’s—Sanyu’s “Potted Prunus” (1940), its November 30 cover lot, estimated at HK$85mn-HK$100mn. But “it’s not all doom and gloom”, says Jonathan Crockett, chair of Asia at Phillips. His auction house had the highest percentage of lots sold this season and topped last week with Gerhard Richter’s “Abstraktes Bild (774-1)” (1992) at HK$75mn (HK$89mn with fees), though this was below its low estimate of HK$80mn. Phillips also fielded the work that performed best against its estimate, unsurprisingly an “ultra-contemporary” work, defined by ArtTactic as by artists under the age of 45. “Off Duty” (2020) by the India-born Raghav Babbar was estimated at HK$150,000-HK$250,000 and sold for HK$4mn (HK$5mn with fees).
The other news out of Hong Kong is that the dynamic Patti Wong is leaving Sotheby’s after more than 30 years, most recently as its senior international chair. The news came as a surprise to many outside of the business, though an email to staff from Charles Stewart, Sotheby’s chief executive, says that the decision was “planned for some time”. He notes that under her leadership, Sotheby’s business in Hong Kong has grown significantly, with a year-to-date auction turnover of $1bn in Asia.