For the second consecutive year, Christie’s, Phillips, and Sotheby’s aligned their marquee spring auctions in Asia with the week of Art Basel Hong Kong. The strategy clearly worked, with the three houses generating a combined $164.9 million across their modern and contemporary art evening sales. That result marked a significant rebound from last autumn’s $136.3 million — the lowest total in eight years — and also surpassed last spring’s comparable total of $139.9 million.
While gallerists told ARTnews that sales at Art Basel had been measured, the auction market showed robust demand for trophy works from collectors across Asia.
Leading the season was Christie’s evening sale on March 27, which realized HK$655.7 million ($83.8 million). Coinciding with the auction house’s 40th anniversary in Asia, Christie’s assembled a tightly curated selection, focusing on works by modern masters appearing on the market for the first time. (All prices are inclusive of fees unless otherwise indicated.)
The top lot was Abstraktes Bild by Gerhard Richter, offered with a third-party guarantee and selling for HK$92.1 million ($11.77 million). It was followed by Cheval agenouillé sur un tapis (Kneeling Horse on Carpet) by Sanyu, which realized HK$63.94 million ($8.17 million) after spirited bidding across multiple telephone lines.
“We were almost 120 per cent above our low estimate, which is a good sign of the market’s health—clients were bidding above estimates and actively chasing works at auction,” said Rahul Kadakia, the newly appointed president of Asia Pacific at Christie’s, at a press conference following the sale, noting strong participation from collectors across the region.
Several artist records were also set during the evening, including Blick Von Der Höhe (A View From the Heights), a Balinese landscape by Walter Spies, which realized HK$59.06 million ($7.55 million), and the old master Johannes Goedaert’s Flowers in a Chinese Porcelain Vase, with Butterflies and Other Insects, which achieved HK$10.1 million ($1.29 million). Meanwhile, the contemporary sector saw a new benchmark for Lenz Geerk, whose painting Couple on a Fresco fetched HK$2.1 million ($275,000).
“With at least five auctions taking place this week alongside Art Basel Hong Kong, it’s not easy to capture collectors’ attention,” Erica Chang, deputy chairman of Christie’s Asia Pacific, told ARTnews. “But every time a work by Spies appears, it tends to reset the artist’s record.”
For Cristian Albu, head of 20th- and 21st-century art, Asia-Pacific at Christie’s, the success of the sale validated a strategic pivot toward curation. “For years, we have aimed to put together a sale that prioritizes quality over quantity,” said Albu. “I am gratified that the audience has finally appreciated and responded to that shift.”
By trimming the catalog to just 37 lots — down from 41 the previous year — Christie’s achieved a 17 percent increase over its March 2025 evening sale total.
Joan Mitchell’s La Grande Vallée VII on view at Sotheby’s Maison at Landmark Chater in Hong Kong.
On March 29, Sotheby’s evening sale at the Maison at Landmark Chater yielded HK$548.4 million ($70.3 million). While the auction house utilized last-minute withdrawals — including two works by Zeng Fanzhi and one by Yayoi Kusama — to maintain a 100 percent sell-through rate, the night was defined by an undeniable trophy work: Joan Mitchell’s La Grande Vallée VII. Sold to an online bidder for HK$129.1 million ($17.6 million), it became the top lot of the Asian season and established a new high for the artist in the region.
The evening further signaled deep institutional and collector appreciation for Asian and female artists. Landmark records were set for British-Singaporean sculptor Kim Lim, as well as Yang Fudong, Fan Yang-tsung, and Japanese painter Kameda Bōsai.
Perhaps the most vivid example of the market’s current velocity was the performance of Li Heidi. Her painting The Reservoir of Understanding fetched $245,000, becoming her second-highest auction price — surpassing the record of $243,000 set at Christie’s just 48 hours prior.
The shift to a permanent, high-traffic retail footprint at Landmark Chater appears to be paying dividends in engagement for Sotheby’s. The auction house said that the cross-category exhibition “Beyond the Abstract” at the Maison attracted 44,500 visitors over the past two weeks — a nearly 30 percent increase over the previous March.
“We felt the depth and vitality of the global art market, alive and beating right here in the heart of the city,” Evelyn Lin, chairman of modern and contemporary art, Asia at Sotheby’s, told ARTnews. “We constantly strive to anticipate shifts in collecting habits and to lead where the market is moving next.”
The total from Phillips’ two evening sales, held concurrently with Sotheby’s evening auction, reached HK$88.5 million ($11.3 million), up from HK$79 million in the equivalent sales last year.
The highlight of its modern and contemporary evening sale was Liu Dan’s large-scale ink painting Dictionary, which sold to a telephone bidder for HK$9 million — 150 percent above its low estimate.
Looking across the results from this year’s Hong Kong marquee art week, the city continues to hold its position as Asia’s center for modern masters. At the same time, artists from regions such as Southeast Asia and Korea are increasingly consolidating their market value.
However, this resilience comes with a caveat. Patti Wong, art advisor and former auction house executive, noted that while the city successfully attracted buyers, the pressure remains on the houses to stay disciplined.
“Hong Kong has done a good job in attracting buyers this year, and the auction houses have delivered amid a very pressured market,” Wong told ARTnews. “But in today’s landscape, auction houses must be realistic about the estimates they assign. If a valuation is too high, it immediately puts off collectors. You cannot expect them to buy at any price; the estimates must reflect the current reality. Only if the pricing is accurate will collectors truly engage and bid.”
