The recent Phillips’ auction of Modern & Contemporary Art in Hong Kong achieved exceptional results, underscoring the strong demand for both renowned and emerging artists.
The auction boasted a 96% sell-through rate by lot and 97% by value, demonstrating robust market engagement. Notable sales included Jean-Michel Basquiat’s “Untitled (ELMAR),” which previously set a record in New York as the most expensive lot of the spring auction, and “Native Carrying Some Guns, Bibles, Amorites on Safari,” which sold for HK$99 million (US$13 million), becoming the highest value work of the season in Hong Kong across all auction houses and categories. Banksy’s “The Leopard and Lamb” sold for HK$36.8 million (US$4.7 million), achieving double its pre-sale estimate. Yayoi Kusama’s “INFINITY NETS (ZGHEB) (2007)” sold for HK$26 million (US$3.3 million), setting a record for an Infinity Net of its size.
Emerging artists also performed well. Teppei Takeda’s “Painting of Painting 026” fetched HK$1.84 million (US$235,528), over six times its pre-sale estimate, marking his second highest auction price. Sun Yitian’s “A Tender Panther” sold for HK$1.65 million (US$211,163), achieving her second highest auction price. The auction featured 80% of works that had never been sold at auction before, appealing to collectors seeking rare and unique pieces. Over 40% of the works sold above their high estimates, reflecting a vibrant market. The sale total marked a 10% increase from the previous season, highlighting the continuing strength of the contemporary art market.
Meiling Lee, Head of Modern & Contemporary Art, Asia, emphasized the auction’s success in affirming their dedication to Basquiat’s legacy and capturing current market demand. Lihua Tung, Head of Department, Hong Kong, praised the auction’s ability to balance newer artists with established masters, showcasing their comprehensive market expertise.
Overall, the auction’s success illustrates the growing appeal and resilience of the contemporary art market, driven by strategic curation and global teamwork.
Images courtesy of Philips, reproduced with the permission of the artist.
