Hong Kong’s art market showed signs of a significant rebound during the March art week with two rare "white glove" auctions, where every lot was sold. Christie’s led the momentum with a 100 percent sell-through rate totaling HK$655.8 million, followed by Sotheby’s, which achieved HK$548.4 million and set a record for the most valuable work by a female artist sold at auction in Asia with Joan Mitchell’s La Grande Vallée VII.
While these sell-through rates suggest a recovery from a multi-year slump, the data remains inconclusive regarding the local Asian market's strength. Industry experts note that nearly 70 percent of the bidding activity at Sotheby’s came from non-Asian collectors, indicating that while Hong Kong remains a vital global hub, its recent success may be driven more by international demand than a domestic resurgence.