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The Hong Kong Sales Review:Strong Demand in the Asian Art Market

OGP | Collectors' Recommendations

Apr 22, 2024

In the Sotheby's auction in Hong Kong on April 10, 2024, the Asian art market demonstrated robust demand. Highlights of the auction included sales of Chinese artworks and jewelry, with notable attention on works by Zhang Daqian and precious jewelry collections. Additionally, significant turnover was seen in modern and contemporary art. This success reflects the sustained growth of the Chinese economy and the strong enthusiasm of collectors for art investment.

On April 10, 2024, the eight-day auction by Sotheby's in Hong Kong showcased the robust demand for jewelry and Chinese art in the market, with over 2500 lots in total. Here are some key highlights:

In "The Leshantang Collection (II) – Treasures of Chinese Art from the Tsai I-Ming Collection," Zhang Daqian's "Red Robe Avalokiteshvara" sold for 77.575 million HKD (approximately 9.908655 million USD), while the landscape painting "Hermit in Verdant Forest" from the "Hidden Treasures from the Liu Hankun Family Collection" fetched 30.7 million HKD (3,921,311 USD). Additionally, the auction of "An Important European Collection of Chinese Ceramics - Acquired from Edward T. Chow" achieved a "white glove" performance, totaling 71,058,790 HKD (9,076,339 USD). Among the most anticipated items was an octagonal vase from the Song dynasty or later, which sold for 20.415 million HKD (2,607,608 USD), far surpassing its estimated value of 12 million HKD.

The "PHILLIPS Family Collection from Japan" achieved Asia's first "white glove" live jewelry auction, with all 225 lots sold. The "Van Cleef & Arpels Diamond Necklace" fetched 1.905 million HKD (243,421 USD), nearly quadrupling its estimate. Another set, the "Turquoise, Coral and Diamond Demi-Parure," sold for 1.016 million HKD (129,824 USD), over ten times its estimate. High-end jewelry remains a significant choice for asset allocation.

The total turnover of modern and contemporary art reached 834,456,100 HKD (106,585,077 USD). Six of the top ten lots of the evening were acquired by Asian collectors, with nearly half of the best-selling pieces being works by Yayoi Kusama, Yoshitomo Nara, and Takashi Murakami. This indicates a growing preference for stability in both auction houses and buyer choices for contemporary art.

In summary, the auctions by Sotheby's in Hong Kong have achieved remarkable results, demonstrating the vibrant Asian art and jewelry market. This success is not only attributed to the sustained growth of the Chinese economy but also reflects collectors' strong enthusiasm and confidence in art investment.

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