The third Sotheby’s 50th Anniversary Evening Sale in Hong Kong on April 5 was packed with ultra-contemporary works, alongside a strong offering from more established blue-chip names such as George Condo, Yayoi Kusama and Christopher Wool, and works of art history by figures such as Alexander Calder (whose motive failed to sell).
On the one hand, sought-after young artists like Julien Nguyen, Lucy Bull and Issy Wood have attracted robust, often intense auctions. On the other hand, at least five of the main lots have been locked in with irrevocable offers by backers outside Sotheby’s, meaning they would sell no matter what. Four lots were withdrawn, according to auctioneers’ pre-sale announcements, made first in English, then in Chinese. The transparency was a welcome change from recent major sales where no such notice was given and auctioneers simply skipped over these lots when it came time to put them up for sale.
In total, the auction brought in HK$670.8 million ($85.5 million) against the revised presale forecast of HK$519.9 million to HK$774.4 million ($66.2 million). million to $98.7 million). The presale total given before the withdrawal of the four lots was at a higher level of $78 million at $115 million. Of the 43 lots on offer, 41 (95%) were sold.
The latest Contemporary total fell below last year’s tally, which was HK$746 million ($95 million) and was also off a Spring 2021 Contemporary evening sale total of 122, $5 million.
Despite what looked like a small crowd in the auction room, judging by the live video, there seemed to be a fair amount of activity and demand online and over the phone. This is perhaps unsurprising given that hybrid sales, first introduced at the height of the pandemic in 2020, are the new normal for nearly every major auction.
The top lot was one of Yoshitoma Nara’s signature paintings of a little girl with a big head and big eyes, In the milky lake (2012), which sold for HK$100.6 million ($12.8 million) with premium (final prices include premium, estimates do not). The painting was one of the works that was backed by an irrevocable bid and it may have gone to that bidder, given that it was so close to the low estimate of HK$80 million (10, $1 million) via a client on the phone with Alex Branczik. , senior director and president of modern and contemporary art for Asia.
After the auctioneer opened the auction on the Nara at 75 million HK dollars ($9.5 million), Branczik upped it to 85 million HK dollars ($10.8 million dollars) in a single bid, a bigger increase than seen elsewhere in the sale, but at a higher price. indicate. The move also suggested the bidder was determined to have it.
Yayoi Kusama, Pumpkin (L), (2014). Photo courtesy of Sotheby’s.
The next two highest lots came from Japanese star Yayoi Kusama, one a sculpture, the other a painting, and both featuring some of his most famous images, polka dot pumpkins. The painting, A-Pumpkin (BAGN8) (2011), which sold for HK$55.2 million ($7 million), while the sculpture, Pumpkin (L) (2014), sold for HK$62.6 million ($7.9 million). Kusama’s enthusiastic reception coincides with “Yayoi Kusama: from 1945 to today”, an exhibition currently presented at M+ in the cultural district of West Kowloon, the largest retrospective of Kusama in Asia outside of Japan.
Meanwhile, a Kusama Infinity Room, titled My heart flies to the universe (2018), sold for HK$25.8 million ($3.3 million), and an Infinity Net Painting, Infinite Networks (QNTBH) (2006), sold for HK$24 million ($3 million), reflecting the wide interest in his work and what Branczik described as “a global phenomenon”. He further noted the viral popularity of the recently launched Louis Vuitton campaign featuring Kusama’s signature polka dots. Nara falls into the same camp when it comes to “transcending the Asian market,” Branczik added.
Matthew Wang, River at dusk (2018). Photo courtesy of Sotheby’s.
Another record price and a new auction artist record was the HK$52.3 million ($6.6 million) paid for Matthew Wong. River at dusk (2018), which was also backed by a third-party guarantee. Prices for paintings by Wong, a Canadian artist who died by suicide in 2019, have skyrocketed in the years since his death. This painting is another classic example of reversal and speculation in his work. According to provenance, it was acquired from Karma Gallery and was part of a private collection before being auctioned just a year after Wong’s death, at Phillips/Poly Hong Kong in December 2020, where it was grossed HK$37.8 million ($4.8 million). Tonight it was back at auction after less than three years, and the price was 27% higher than it was less than three years ago.
“Obviously, 10 years ago, for our 40th anniversary celebrations, there wasn’t a single Western artist in the evening sale,” Branczik said. “The essence and value of the interest was carried by contemporary Chinese artists. We’ve had waves of interest in Korean artists Gutai and Japanese Dansaekhwa, as increasingly, collecting trends in Asia today follow the same global trends we see in New York and London. The challenge and the opportunity is, ‘how can we continue to give Hong Kong sales a unique identity vis-à-vis London and New York?’
A great panting in four parts by Gerhard Richter, Abstrakte Bilder (in 4 parts) (1992), was also among the top lots, selling for HK$36.7 million ($4.7 million).
Hao Liang, Theology and Evolution, (2011). Photo courtesy of Sotheby’s.
In addition to Wong, auction records were set for mostly younger artists, including Pang Jiun ($1.1 million), Loie Hollowell ($2.3 million), Hao Liang (3.1 million) and Rafa Macarron. The contemporary sale wrapped with an offer of an NFT, Six N Five’s The red spotwhich sold for HK$1.7 million ($210,321).
Prior to the contemporary sale, Sotheby’s offered a major auction of a single lot, Zhang Daqian’s Pink lotuses on gold screen, which sold for HK$251.6 million ($32 million). This was followed by a modern art auction which recorded a sale rate of 86%. Highlights included Picasso’s portrait of Françoise Gilot, Woman in an armchairsold for HK$93 million ($11.9 million).
Zhang Daqian, Pink lotus on golden screen. Photo courtesy Sotheby’s.
And four works by Zao Wou-Ki sold for a combined total of HK$132.5 million ($16.9 million), directed by After the eclipse, 11.08.99 (1999), sold for HK$48.9 million ($6.2 million)
Branczik noted that in 2022, one-third of bidders in Hong Kong sales were new to Sotheby’s and that globally, more than two-thirds of new bidders at Sotheby’s were Asian. “Put these two stats together and you’ll see why having an auction platform in Asia is so crucial for any auction house.”
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