Over the weekend, Hong Kong’s leading auction houses held their autumn sales. The events avoided major collapses, but the overall results reflected a restrained market rather than the strong rebound many expected. With major consignments headed to New York in November, this season revealed clear contrasts between the strength of blue-chip artists like Pablo Picasso, Yayoi Kusama, Yoshitomo Nara, and Marc Chagall, and the slowdown in demand for ultra-contemporary names.
Market Overview
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Total sales from Christie’s, Phillips, and Sotheby’s evening auctions: $136.3 million.
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Previous year’s figure: $208.6 million.
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Christie’s autumn 20th/21st century sale: $72.7 million (a 46% decrease).
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Evidence shows blue-chip resilience versus weaker demand for ultra-contemporary artists.
Christie’s Auction Results
Christie’s Friday sale began strong with Salvo’s Mattino di primavera (2007), which tripled estimates at over $650,000. Out of 38 works, only three remained unsold.
Key Highlights
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Pablo Picasso – Buste de femme (1944): $25.3 million
Record price for the artist in Asia. -
Picasso – Nu assis appuyé sur des coussins (1964): $4.14 million
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Lucy Bull – 8:50 (2020): $604,000, below high estimate.
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Zeng Fanzhi – Untitled 09-1-5 (2008): $1.16 million
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Zeng Fanzhi – Mask Series 1999 No. 2: $1.32 million
Out of 38 works:
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14 works surpassed high estimates
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7 works reached near top estimates
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Only 3 sold below estimates
Phillips Auction Results
Phillips held its modern and contemporary sale on Saturday, totaling $20.6 million across 20 lots, a 6.5% dip compared to last year.
Key Highlights
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Firenze Lai – Basic Knot (2016): $61,000, more than double its estimate.
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Miriam Cahn – flüchtling (2002): $166,000
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Yoshitomo Nara – Pinky (2000): $7.28 million, slightly above estimate.
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Other strong results: Andy Warhol, Picasso, Izumi Kato.
Notable Weakness
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Javier Calleja – Six Works (2017): $50,000, below expectations of $154,000–$282,000.
Phillips also introduced a priority bidding system rewarding early written bids with lower premiums. 54% of sales benefited from this new approach.
Sotheby’s Auction Results
Sotheby’s concluded the series with $43 million from 38 works. Compared with last year, sales were down 17%, but up 13% from March 2025.
Key Highlights
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Yoshitomo Nara – Can’t Wait ’til the Night Comes: $10.3 million
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Yoshitomo Nara – Sprout the Ambassador: $2.37 million, above estimate.
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Li Hei Di – New Record: $343,000, more than double estimate.
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Dorothy and Roy Lichtenstein Collection: $5.9 million across five works.
Market Insights
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Over a third of works surpassed high estimates.
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Demand driven strongly by Greater China buyers.
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Southeast Asian collectors showed significant participation.
Conclusion
The Hong Kong autumn auctions reflected a two-speed market:
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Blue-chip artists such as Picasso, Nara, Kusama, and Chagall remained reliable performers, often exceeding estimates and setting records.
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Ultra-contemporary artists, once the rising stars of Hong Kong’s market, faced a cooling demand.
Despite the overall decline from last year, the strong bidding activity and successful sales of established names show that collector confidence remains stable in proven artworks, even as the speculative segment slows down.
