On Friday, the auction house hosted its second major sale in the new space, timed to coincide with Art Basel Hong Kong, which had opened to VIPs just days before. More than 7,000 visitors passed through the salesroom ahead of the event, eager to preview the works on offer. While the room was packed, bidding was measured, and the sale wrapped up in just over an hour, totaling $73.3 million with a 95% sell-through rate across 43 lots. Many works sold at the lower end of their pre-sale estimates, with the total hammer price sitting just 6% above the sale’s low estimate.
Despite this cautious atmosphere, Christie’s Asia Pacific president Francis Belin described the results as “robust,” while Cristian Albu, deputy chairman and head of contemporary art for Asia Pacific, emphasized that the works had been “responsibly priced” given the current market.
The star of the evening was Jean-Michel Basquiat’s Sabado por la Noche (Saturday Night), a 1984 painting that sold to an Asian collector for $14.5 million, near its high estimate of $16.1 million. The piece had last changed hands at Christie’s London in 2019 for $10 million, demonstrating a continued demand for blue-chip artists. Christie’s head of evening sales, Ada Tsui, remarked that the strong result reflected “sustained appetite in Asia for top masterpieces.”
Yayoi Kusama’s ever-popular Pumpkin paintings had mixed results. One sold for $5 million, exceeding its high estimate, while another fetched $1.8 million, just above its low estimate. Meanwhile, European masters performed well: Pierre-Auguste Renoir’s 1892 landscape La Promenade au bord de la mer (formerly owned by the Met) sold for $4.5 million, surpassing its $3.6 million high estimate, and René Magritte’s La Clairvoyance (1962) from his renowned “leaf-trees” series went for $3.7 million, well above expectations. Another Magritte, Reverie de Monsieur James (1943), depicting a blooming rose bush, sold for $6.1 million, comfortably within its projected range.
“The strong response to these works among Asian collectors was a welcome surprise,” said Belin, noting that Christie’s team had successfully anticipated buyers’ tastes. However, while some works generated competitive bidding, the overall atmosphere remained subdued. A Taiwanese collector attending Art Basel Hong Kong commented that while there were “some interesting pieces,” nothing particularly stood out.
Belin acknowledged that supply remains somewhat constrained in the market, stating, “We need to assess this sale alongside tomorrow’s auction and next week’s Shanghai event.” He pointed out that this auction was in line with last year’s spring evening sale, whereas the fall auction had been an anomaly, featuring major van Gogh and Monet works and benefiting from the buzz of the new headquarters opening.
Asian artists also had a strong showing, particularly Taiwanese sculptor Ju Ming. His 1988 bronze Single Whip, part of his renowned “Taichi Series,” more than doubled its estimate, selling for $1.6 million. Three works by Korean postwar artists also performed well: Lee Ufan’s East Winds (1983) sold for $778,000, just above its high estimate, while Park Seo-bo’s Ecriture no. 60-73 and Lee Bae’s Issue du Feu White Line F-4 fetched $940,000 and $179,000, respectively. Meanwhile, three paintings by the late abstract master Zao Wou-Ki sold just below their high estimates, signaling steady demand but a slight softening in price expectations.
Mainland Chinese collectors dominated the bidding, with Hong Kong buyers following closely behind—something Belin noted as a shift from previous trends. The broader economic slowdown in China has been a key concern for the international art market, and while demand remains strong, buyers are increasingly drawn to safer investments.
“There was a clear preference for secure choices,” Belin observed.
This cautious approach was also evident at Art Basel Hong Kong, where top-tier galleries successfully placed their highest-value works, while smaller and mid-sized galleries found it harder to close deals. Wendy Xu, White Cube’s managing director for Asia, summed up the shift: “Collectors are more selective than in past years. Previously, they might have bought multiple works. Now, they’re choosing just one—and they want the best.”
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