Art News. Vasari Codex

A Tale of Two Cities: Spring Auctions in Hong Kong and Shanghai

Christie's and Sotheby's held their spring marquee auctions in Hong Kong and Shanghai, timed to coincide with Art Basel Hong Kong for the first time. Christie's evening sale of 20th and 21st century art in Hong Kong achieved HKD 560 million (USD 72 million) with a 95% sell-through rate, led by Jean-Michel Basquiat's *Sabado por la Noche (Saturday Night)* (1984) at HKD 112.6 million. Other highlights included a new artist record for Zhang Enli's *Intimacy* (2002) at HKD 23.4 million, and strong sales for works by Yayoi Kusama, Zao Wou-Ki, and Adrian Ghenie, though most lots sold near their low estimates.

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Top auction houses draw Southeast Asia’s elite art buyers

Auction houses Sotheby's, Christie's, and Bonhams are seeing a surge in participation from wealthy Southeast Asian collectors, particularly Millennials and Gen Z. Elaine Holt of Sotheby's Asia reports significant growth in collector activity from the region, with strong bidding at recent Hong Kong sales. Christie's Asia-Pacific president Francis Belin notes Southeast Asia is now the firm's third-largest buying market in Asia-Pacific, led by Singapore and Indonesia, with notable increases from Vietnam. Bonhams' managing director for Asia, Julia Hu, reports a 67% year-on-year rise in Southeast Asian auction spending. Younger buyers are driving demand, with Millennials and Gen Z accounting for 37% of Bonhams' Hong Kong buyers and 40% of Sotheby's Hong Kong marquee sales. A Renoir painting sold for $23.56 million to a collector in their 30s, highlighting youthful buying power.

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