Joan Mitchell’s diptych "La Grande Vallée VII" sold for HK$137 million (US$17.6 million) at Sotheby’s Hong Kong, setting a new record for the most expensive work by a female artist ever sold at auction in Asia. The 1983 masterpiece, part of a celebrated 21-painting cycle dedicated to a grieving friend, led a successful Modern and Contemporary Evening Auction that saw a 100% sell-through rate for its 54 lots. Other notable results included a Mark Rothko canvas that more than doubled its low estimate and significant sales for works by Sanyu and Zao Wou-Ki.
This record-breaking sale underscores the growing demand for blue-chip Western female artists within the Asian market and the continued strength of Hong Kong as a global art hub. The fact that the painting appreciated from US$14.5 million in 2020 to US$17.6 million in 2024 highlights the resilience of Mitchell’s market specifically. Furthermore, the "white glove" nature of the sale—where every lot found a buyer—signals robust collector confidence in high-end Modernist works despite broader economic fluctuations.