Hong Kong's major auction houses—Christie's, Phillips, and Sotheby's—held back-to-back modern and contemporary art evening sales over the past weekend, with total turnover remaining at an eight-year low. Despite the sluggish market, a handful of record prices and last-minute withdrawals improved the sales success ratio. Notable lots included Salvo's "Mattino di primavera (Spring Morning)" (2007), which sold for HK$4 million at Christie's, and Firenze Lai's "Basic Knot" (2016), which achieved HK$477,300 at Phillips—both exceeding their low estimates.
This continued downturn matters because Hong Kong has been a bellwether for the Asian art market, and persistent low turnover signals broader global art market weakness. However, the strong bidding for select lots and the improved success ratio suggest that demand remains for high-quality, well-priced works, even as the overall market contracts. The results will be closely watched by collectors and dealers for signs of recovery or further decline.