Sold-out auctions suggest Hong Kong’s art market is back. But is it?

Hong Kong’s art market showed signs of a significant rebound during the March art week with two rare "white glove" auctions, where every lot was sold. Christie’s led the momentum with a 100 percent sell-through rate totaling HK$655.8 million, followed by Sotheby’s, which achieved HK$548.4 million and set a record for the most valuable work by a female artist sold at auction in Asia with Joan Mitchell’s La Grande Vallée VII.