Spring 2019 Hong Kong auction series concluded with a grand total of HK$3.78 billion / US$482 million, exceeding the pre-sale high estimate and establishing the second highest total in company history, second only to Sotheby’s landmark 40th anniversary sale total in Autumn 2013. The sales were marked by healthy activity across all categories and from all corners of Asia, with a strong combined sell-through rate of 90%.
The Modern, Contemporary and Southeast Asian Art sales were greeted by enthusiasm, making a combined total of HK$1.82 billion / US$232 million, which is the highest total of any auction house in Asia.
“With all eyes firmly fixed on our Hong Kong sales for this first indicative season, I think we can say that the Asian market did not disappoint. Our total follows what was already a record year for Sotheby’s in Asia, with this season’s results now sitting among the top results we have ever achieved here in Hong Kong – a testament to the fact that, when you get it right, collectors from across Asia remain ready to go the extra mile.”– Kevin Ching, CEO of Sotheby’s Asia
“When building the sales for these big seasons, we try to keep our finger firmly on the pulse of our collectors so as to understand, not only what they want right now, but also where their interests are taking them, so our offerings reflect both where the market is and where it is going. That is why we are bringing an ever-more diverse range of material to Hong Kong, along with an ever-wider range of possibilities for collectors to engage with us. This, for me, is what is so exciting about these seasons – they are not only a data point for the Asian market, they are also testimony to the excitement, and opportunity, that exists within it.” – Patti Wong, Chairman of Sotheby’s Asia
In the past week, we have seen more than 35000 visitors coming to the preview, 20 auctions, 4331 lots sold, 28 new records, and 6 lots sold over HK$100 million. 20% of the participants are new to Sotheby’s, and a new generation of collectors coming through our doors - nearly 50% of buyers in NIGOLDENEYE® Vol. 1 are under 40. We are also presenting a broader offering of Western art than ever before, with 92 works by 50 Western artists, many of whom debuted at auction in Asia this week. With a sell-through rate of over 90%, the group smashes the top combined estimate, with notable increase in participation from Mainland China.
Click on the slideshow to see the 10 highlights of the Hong Kong Spring sale series.