OGP | Collectors' Recommendations
Jun 28, 2023
We can observe a strong growth momentum in the Asian auction market in 2023, with significant interest from investors in Chinese art and record-breaking sales achieved at the auctions. Although the geographical distribution of buyers is not explicitly mentioned, it can be inferred that the main buyers of Asian art likely include customers from the Asian region. The Asian auction market has shown a strong market demand for Asian art, and a new generation of young buyers is also participating.
According to the report "CHRISTIE'S 2023 ASIAN ART SPRING AUCTIONS IN HONG KONG - Evidenced Strong Market Appetite for Asian Art," it is evident that the Asian auction market performed strongly in 2023. Christie's Asian Art Spring Auctions held in Hong Kong attracted strong market demand and achieved remarkable results. The Chinese Ceramics and Works of Art department conducted four live auctions, with a total sales volume of HK$376 million, and nearly half of the lots exceeded their high estimates. Among them, an extremely rare Qianlong period Doucai 'Dragon' moonflask became the most valuable lot of the season, selling for HK$108 million. Additionally, other important pieces such as a pair of rare Huanghuali Yoke-Back Armchairs and a rare Ming Xuande-marked Blue and White Pomegranate-Form Vase achieved excellent results.
Furthermore, Christie's Chinese Paintings auctions achieved a total sales volume of HK$360 million, with prices surpassing the estimates by 121%. Seven lots were sold for over HK$10 million. Many outstanding artworks surpassed expectations, including Lin Fengmian's "Opera Figures: Lotus Lantern" which sold for HK$239 million, five times its low estimate, and Chen Chun's "Flowers and Calligraphy" which achieved HK$288 million, nearly five times its low estimate.
We can observe a strong growth momentum in the Asian auction market in 2023, with significant interest from investors in Chinese art and record-breaking sales achieved at the auctions. Although the geographical distribution of buyers is not explicitly mentioned, it can be inferred that the main buyers of Asian art likely include customers from the Asian region. The Asian auction market has shown a strong market demand for Asian art, and a new generation of young buyers is also participating. Considering the geographical location of the Asian auction market and the interest in Asian culture, it is reasonable to assume that Asian clients play an important role in these auctions.