Christie's 20/21st Century Autumn sale in Hong Kong on September 26 generated $72.6 million, a 46% drop from the same sale last year, though roughly on par with its March sale. The auction marked the first anniversary of Christie's Asia headquarters in the Henderson building. Despite the decline, a Picasso painting, *Buste de Femme* (1944), set a record for the artist in Asia, selling for HK$196.75 million ($25.4 million) after a bidding war. Other top lots included Zao Wou-ki's *17.3.63* (HK$85.2 million) and Yayoi Kusama's *Pumpkin [TWAQN]* (HK$34.66 million). Christie's CEO Bonnie Brennan and Asia Pacific head Cristian Albu emphasized the sale's global bidding participation and the enduring strength of the Asian market. Sotheby's and Phillips also held autumn sales that weekend, with Sotheby's totaling HK$335.7 million and Phillips achieving HK$160 million.
The results matter because they provide a key indicator of the health of the Asian art market amid global economic headwinds. While the 46% year-over-year decline suggests a significant recalibration, the record price for Picasso in Asia and strong sales for blue-chip artists like Kusama and Zao Wou-ki signal that demand for top-tier works remains robust. The sale also underscores Hong Kong's continued role as a major auction hub, with Christie's new headquarters anchoring its presence. Albu's defiant assertion that "the art market is not down" reflects a broader industry narrative that the market is stabilizing rather than contracting, with collectors selectively chasing exceptional pieces.