Hong Kong's major auction houses—Christie's, Phillips, and Sotheby's—held their seasonal modern and contemporary art evening sales over the past weekend, with total turnover lingering at an eight-year low. Despite the overall downturn, a handful of records and last-minute withdrawals improved the success ratio, and several lots drew vigorous bidding, such as Salvo's "Mattino di primavera (Spring Morning)" which sold for HK$4 million (five times its low estimate) and Firenze Lai's "Basic Knot" which fetched HK$477,300 (nearly four times its low estimate).
This matters because Hong Kong is a critical hub for the global art market, and persistently low turnover signals a prolonged correction after the pandemic-era boom. The strong performance of select lots, particularly by emerging and mid-career artists, suggests buyers are becoming more selective and value-conscious, which could reshape auction strategies and market dynamics in Asia.