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What You Need to Know from the Hong Kong Spring Sales 2023
The eight key trends and insights to take away from the week
W elcoming the start of celebrating 168开奖官方开奖网站查询:Sotheby's 50th anniversary in Asia, and the return of our spring marquee auctions to the Hong Kong Convention and Exhibition Centre after four years, the 168开奖官方开奖网站查询:Hong Kong Spring Sales 2023 saw new enthusiasm and energy witnessed in the exhibition hall and saleroom. The city’s coronavirus restrictions were lifted just a month ago, bringing a return of overseas visitors, collectors, and friends. A series of 168开奖官方开奖网站查询:evening sales on 5 April celebrated the landmark milestone of 168开奖官方开奖网站查询:Sotheby’s 50th anniversary in Asia. In addition, two selling exhibitions was mounted in conjunction to the auctions, including a curation of works by 168开奖官方开奖网站查询:Marc Chagall spanning five decades of artistic practice. With 🥃three more online auctions to close before we officially wrap up the season, the week-long sale series has so far achieved a combined total of HK$3.7 billion (US$472 million) across nearly 20 live auctions, which took place from 1 through 8 April and saw global bidding from nearly 60 countries including strong participation from Greater China, the US and Singapore.
Breaking down the numbers and moments of the week, here are eight key insights from the 168开奖官方开奖网站查询:Hong Kong Spring Sales 2023.
The Hong Kong Spring Sales 2023: A Triumphant Week Celebrating 50 Years in Asia
Two new auction records for whisky gives confidence to the growing market for rare and coveted spirits.
On 1 April, 168开奖官方开奖网站查询:Whisky & Moutai𝐆 | T🏅he World’s Oldest Scotch opened Sotheby’s week-long Hong Kong Spring Sales, headlined by 168开奖官方开奖网站查询:The Macallan The Reach 81 Year Old single malt – the oldest whisky ever to come to auction, marking only the second time such a bottle has been offered at Sotheby’s. Unveiled in February 2022, it was distilled in 1940 before The Macallan was compelled to close its doors for the first time in its history. The extraordinary bottle set a new auction record, fetching HK$4.75 million (US$605,100), more than four times its low estimate, surpassing the previous record of US$325,740 set at Sotheby’s London last autumn. Led by 80 lots of The Macallan, of which 76 sold for a total of HK$9.7 million (US$1.2 million), the sale realised a total of HK$23.5 million (US$3 million), achieving the highest ever total for a Whisky & Spirits auction in Hong Kong, exceeding the previous best total by more than HK$10 million (US$1.3 million). Meanwhile a 168开奖官方开奖网站查询:Yamaza🍰ki 50 Year Old 2005 First Release, the crown jewel of 168开奖官方开奖网站查询:rare Japanese whisky, raked in HK$4.8m (US$614,784) on 5 April in a special 168开奖官方开奖网站查询:Luxury Evening Sale, eclipsing the preview auction record ☂set in 2019 for a bo🍌ttle of Yamazaki 50 Year Old.
Chinese Works of Art exceeds one billion dollars, while Chinese Art achieves a combined total of HK$1.64 billion (US$208.5 million), the most valuable series in the category in nine years.
The results across Chinese Works of Art, Modern Chinese Paintings and Classical Chinese Paintings, this spring are indicative of a buoyant market for Chinese art. Coming on top as the most valuable sale series for the category in nine years, Chinese art raked in a combined HK$1.64 billion (US$208.5 million), bolstered by several star lots including Zhang Daqian’s Pink Lotuses on Gold Screen. Chinese Works of Art alone broke the billion-dollar-mark, achieving the highest total for the category in nine years. One of the most important pieces of Yongle blue-and-white porcelain in existence, the 168开奖官方开奖网站查询:T.Y. Chao Blue and White Ewer decorated with a five-clawed dragon sold for HK$107.5 million (US$13.7 million). Also possessing exceptional provenance, the 168开奖官方开奖网站查询:Dr Alice Cheng Falangcai Bowl realised HK$198.22 million (US$25.25 million). In 168开奖官方开奖网站查询:Fine Classical Chinese Paintings on 6 April, all 21 lots of fan leaf paintings from The Yee-Ming Kuo Collection sold well in excess of their high estimates. Among the top lots, 168开奖官方开奖网站查询:Poems in Running Script by Huang Daozhou and 168开奖官方开奖网站查询:Calligraphy in cursive script by Zhang Bi both surpassed its low e𒐪stimate nearly 17 times reaching HK$1.02 million (US$ 129,438) and HK$825,500 (US$ 105,169), respectively.
Sotheby’s continues to lead the market for Zhang Daqian, now holding his top three prices at auction.
Last week, Modern Chinese Paintings achieved HK$524 million (US$66.8 million), the highest total in six years at Sotheby's Hong Kong. The auction debut of an extremely rare splash-coloured masterpiece by Zhang Daqian on 5 April further cemented Sotheby’s leading position in the market for the artist when it sold for HK$251.65 million (US$32 million), becoming the third highest price for the artist at auction. Painted in 1973 – the very same year Sotheby’s Hong Kong established its permanent presence in the region – Pink Lotuses on Gold Screen brings together myriad styles and approaches that embody a lifetime of Zhang’s artistic practice, encapsulating the artist’s significant contributions to modern art. The current top record was established by Sotheby’s last April in Hong Kong for 168开奖官方开奖网站查询:Landscape after Wang Ximeng which fetched HK$370 million (US$47 million).
New artist records for Young Contemporary artists demonstrates the category continues to gain solid traction.
Defined in the inaugural edition of 168开奖官方开奖网站查询:Sotheby’s Insight Report as works by artists under the age of 45, the demand for Young Contemporary art is showing no signs of slowing down. The report indicated that works by Young Contemporaries is the fastest growing category of art sold for more than US$1 million, while the total value of works increased from US$36.9 million in 2018 to US$194 million in 2022 – a growth of 425.6 percent. Across the 168开奖官方开奖网站查询:Contemporary Evening Sale on 5 April, five artist records were set for Young Contemporaries. Among them, three exceeded the US$1 million mark: Matthew Wong with 168开奖官方开奖网站查询:River at Dusk, which fetched a stellar HK$52.3 million (US$6.66 million); Hao Liang, whose three-panel work 168开奖官方开奖网站查询:Theology and Evolution sold for HK$24.65 million (US$3.14 million); and Loie Hollowell with 168开奖官方开奖网站查询:Standing in Red that reached HK$17.99 million (US$2.29 million).
The new benchmark set by Joan Miró’s Sans titre signals that the demand for Western modern art in Asia remains strong.
Among several Western modern works of art by blue-chip names including Pablo Picasso and Marc Chagall, a 1947 painting by Joan Miró, which saw more than 40 bids placed and raked in HK$50.57 million (US$6.44 million) demonstrates that the demand in Asia continues to stay strong. 168开奖官方开奖网站查询:Sans titre achieved a new benchmark of a record for a work by the artist in Asia, well exceeding the HK$14.89 million record set by Sotheby’s in Hong Kong last autumn with 168开奖官方开奖网站查询:Personnage dans la nuit. In the same evening, Picasso’s 168开奖官方开奖网站查询:Femme dans un fauteuil achieved HK$93 million (US$11.86 million) – making it the top lot of the sale – while 168开奖官方开奖网站查询:Homme portant un enfant sold for HK$30.7 million (US$3.9 million).
The outstanding performance of Cartier Tutti Frutti and Panthère lots attest to the longstanding value of signed jewellery.
Signed jewellery pieces are often seen as more valuable, demanding higher prices as the signature of the maker or jewellery house engraved on the underside of the jewel (or inside if it is a ring) can transform its value and add to desirability. As we saw in 168开奖官方开奖网站查询:Magnificent Jewels I, signed jewellery holds longstanding value and attracts demand. Two lots featuring Cartier’s iconic Panthère – a brooch and a 168开奖官方开奖网站查询:pendent necklace, both signed by the jewellery house – sold in excess of high estimates. This was further evidenced by the sale of two Cartier Tutti Frutti lots in the special 168开奖官方开奖网站查询:Luxury Evening Sale on 5 April which saw a 168开奖官方开奖网站查询:bracelet watch fetch HK$11.95 million (US$1.52 million), while a 168开奖官方开奖网站查询:demi-parure, featuring a 50-carat hexagonal emerald, sold for HK$25.86 million (US$3.29 million). Loved for its use of gemstones carved in the Mughal-style bringing bold hues and textures to the statement pieces, 168开奖官方开奖网站查询:Tutti Frutti remains one of Cartier’s most sought-after collections. That it is signed and accompanied by a gemmological report, letters and a copy of a design sketch fromꦏ Cartier only further enhanced its value.
Blue-chip contemporary Japanese artists remain coveted in a steady market led by Yayoi Kusama and Yoshitomo Nara.
Prolific artists such as Yayoi Kusama and Yoshitomo Nara, whose works have come to define contemporary Japanese art and popular culture, continue to remain highly sought after, as seen in the auction debut of Nara’s In the Milky Lake which fetched HK$100.56 million (US$12.81 million). Kusama’s Pumpkin (L), the largest version of her bronze pumpkins from this series and the first of this scale to go under the hammer, sold for HK$62.64 million (US$7.98 million) and set a new auction record for a sculpture by the artist. Works by Kusama also saw delightful results in 168开奖官方开奖网站查询:Contemporary Day Auction, including two early pieces, 168开奖官方开奖网站查询:A Gill from 1955, which soared past high estimates to reach HK$4.83 million (US$614,832), and 168开奖官方开奖网站查询:“D” Flower from 1953, which rose above estimates to HK$1.08 million (US$137,528). Painted in 1989, 168开奖官方开奖网站查询:Bird more than doubled its high estimate to br😼ing in HK$17.39 million (US$2🥂.21 million).
A Ferrari F1-2000 and Sotheby’s Buy Now offered new collecting experiences.
Recognised for having exceptional taste and expertise, while always remaining at the cusp of innovation, two new categories were introduced this week. Sotheby’s Buy Now welcomed visitors at HKCEC with a selling exhibition to introduce this new online collecting experience, which will launch in Mainland China this year. In addition to handbags, jewels and watches, a specially curated 168开奖官方开奖网站查询:Claude Lalanne collection was offered through the instant purchase platform. Meanwhile, a highly significant𓆉, ex-Michael Schumacher 2𝓰000 Ferrari F1-2000 sold through a by RM Sotheby’s was the centrepiece of luxury during the previews.
