• Issue
  • Mar 25, 2022

Auction Report:The Odds Beating

ZAO WOU-KI, 18.11.66, 1966, oil on canvas, 97

Against a sharp decline in revenue due to shuttered salerooms during the first half of the year, auction houses were forced to rely on online sales, many of which targeted younger buyers. Following a plateau in Covid-19 cases in Hong Kong, all the major houses staged their first live sales concurrently in early July, with Christie’s and Sotheby’s reaping the biggest rewards by offering proven favorites. In the second half of 2020, global sales held in between waves of infections produced mixed results, highlighting the market’s volatility.