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.
The results signal a cautious but recovering art market in Greater China, with collectors showing selective bidding even for established names. The alignment of auction sales with Art Basel Hong Kong reflects a strategic effort to capitalize on fair attendance and test collector confidence. While the high sell-through rate and record prices for some artists are positive, the overall total falling short of previous highs and the failure of a Kusama canvas to sell indicate that the market remains in a recovery phase, with buyers prioritizing quality and value.